# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-26-096511
**Filing Date:** 2026-3
**Character Count:** 2633556
**Document Hash:** 1757743760aecf85a71d10be988f45ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096511.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096511

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 122

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia Funds Variable Series Trust II
- **CENTRAL INDEX KEY:** 0001413032

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22127
- **FILM NUMBER:** 26731052

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 800-345-6611

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverSource Variable Series Trust
- **DATE OF NAME CHANGE:** 20070920

## Series and Classes Contracts Data

### Columbia Variable Portfolio - Large Cap Growth Fund (Series ID: S000019840)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000055677 | Columbia Variable Portfolio - Large Cap Growth Fund Class 3 |  |
| C000088757 | Columbia Variable Portfolio - Large Cap Growth Fund Class 1 |  |
| C000088758 | Columbia Variable Portfolio - Large Cap Growth Fund Class 2 |  |

### Columbia Variable Portfolio - Overseas Core Fund (Series ID: S000019843)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000055680 | Columbia Variable Portfolio - Overseas Core Fund Class 3 |  |
| C000088763 | Columbia Variable Portfolio - Overseas Core Fund Class 1 |  |
| C000088764 | Columbia Variable Portfolio - Overseas Core Fund Class 2 |  |

### Columbia Variable Portfolio - Select Large Cap Value Fund (Series ID: S000019845)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000055682 | Columbia Variable Portfolio - Select Large Cap Value Fund Class 3 |  |
| C000088767 | Columbia Variable Portfolio - Select Large Cap Value Fund Class 1 |  |
| C000088768 | Columbia Variable Portfolio - Select Large Cap Value Fund Class 2 |  |

### Columbia Variable Portfolio - Select Mid Cap Growth Fund (Series ID: S000019846)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000055683 | Columbia Variable Portfolio - Select Mid Cap Growth Fund Class 3 |  |
| C000088769 | Columbia Variable Portfolio - Select Mid Cap Growth Fund Class 1 |  |
| C000088770 | Columbia Variable Portfolio - Select Mid Cap Growth Fund Class 2 |  |

### Columbia Variable Portfolio - Select Mid Cap Value Fund (Series ID: S000019847)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000055684 | Columbia Variable Portfolio - Select Mid Cap Value Fund Class 3 |  |
| C000088771 | Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 |  |
| C000088772 | Columbia Variable Portfolio - Select Mid Cap Value Fund Class 2 |  |

### Columbia Variable Portfolio - Large Cap Index Fund (Series ID: S000019848)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000055685 | Columbia Variable Portfolio - Large Cap Index Fund Class 3 |  |
| C000098158 | Columbia Variable Portfolio - Large Cap Index Fund Class 1 |  |
| C000098159 | Columbia Variable Portfolio - Large Cap Index Fund Class 2 |  |

### CTIVP - Victory Sycamore Established Value Fund (Series ID: S000019850)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000055687 | CTIVP - Victory Sycamore Established Value Fund Class 3 |  |
| C000088775 | CTIVP - Victory Sycamore Established Value Fund Class 1 |  |
| C000088776 | CTIVP - Victory Sycamore Established Value Fund Class 2 |  |

### Columbia Variable Portfolio - Select Small Cap Value Fund (Series ID: S000019852)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000055689 | Columbia Variable Portfolio - Select Small Cap Value Fund Class 3 |  |
| C000088779 | Columbia Variable Portfolio - Select Small Cap Value Fund Class 1 |  |
| C000088780 | Columbia Variable Portfolio - Select Small Cap Value Fund Class 2 |  |

### Variable Portfolio - Partners Small Cap Value Fund (Series ID: S000019853)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000055690 | Variable Portfolio - Partners Small Cap Value Fund Class 3 |  |
| C000088781 | Variable Portfolio - Partners Small Cap Value Fund Class 1 |  |
| C000088782 | Variable Portfolio - Partners Small Cap Value Fund Class 2 |  |

### Columbia Variable Portfolio - Emerging Markets Fund (Series ID: S000019858)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000055695 | Columbia Variable Portfolio - Emerging Markets Fund Class 3 |  |
| C000088787 | Columbia Variable Portfolio - Emerging Markets Fund Class 1 |  |
| C000088788 | Columbia Variable Portfolio - Emerging Markets Fund Class 2 |  |

### Variable Portfolio - Partners Core Equity Fund (Series ID: S000019859)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000055696 | Variable Portfolio - Partners Core Equity Fund Class 3 |  |
| C000088789 | Variable Portfolio - Partners Core Equity Fund Class 1 |  |
| C000088790 | Variable Portfolio - Partners Core Equity Fund Class 2 |  |

### CTIVP - Principal Large Cap Growth Fund (Series ID: S000028685)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000087788 | CTIVP - Principal Large Cap Growth Fund Class 1 |  |
| C000087789 | CTIVP - Principal Large Cap Growth Fund Class 2 |  |

### Variable Portfolio - Partners International Core Equity Fund (Series ID: S000028687)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000087792 | Variable Portfolio - Partners International Core Equity Fund Class 1 |  |
| C000087793 | Variable Portfolio - Partners International Core Equity Fund Class 2 |  |

### CTIVP - Westfield Select Large Cap Growth Fund (Series ID: S000028688)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000087794 | CTIVP - Westfield Select Large Cap Growth Fund Class 1 |  |
| C000087795 | CTIVP - Westfield Select Large Cap Growth Fund Class 2 |  |

### CTIVP - Westfield Mid Cap Growth Fund (Series ID: S000028691)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000087800 | CTIVP - Westfield Mid Cap Growth Fund Class 1 |  |
| C000087801 | CTIVP - Westfield Mid Cap Growth Fund Class 2 |  |

### CTIVP - Wellington Large Cap Value Fund (Series ID: S000028692)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000087802 | CTIVP - Wellington Large Cap Value Fund Class 1 |  |
| C000087803 | CTIVP - Wellington Large Cap Value Fund Class 2 |  |

### CTIVP - CenterSquare Real Estate Fund (Series ID: S000028695)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000087808 | CTIVP - CenterSquare Real Estate Fund Class 1 |  |
| C000087809 | CTIVP - CenterSquare Real Estate Fund Class 2 |  |

### CTIVP - T. Rowe Price Large Cap Value Fund (Series ID: S000028696)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000087810 | CTIVP - T. Rowe Price Large Cap Value Fund Class 1 |  |
| C000087811 | CTIVP - T. Rowe Price Large Cap Value Fund Class 2 |  |

### Variable Portfolio - Partners Small Cap Growth Fund (Series ID: S000028697)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000087812 | Variable Portfolio - Partners Small Cap Growth Fund Class 1 |  |
| C000087813 | Variable Portfolio - Partners Small Cap Growth Fund Class 2 |  |

### Variable Portfolio - Partners International Growth Fund (Series ID: S000028707)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000087832 | Variable Portfolio - Partners International Growth Fund Class 1 |  |
| C000087833 | Variable Portfolio - Partners International Growth Fund Class 2 |  |

### Variable Portfolio - Partners International Value Fund (Series ID: S000028708)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000087834 | Variable Portfolio - Partners International Value Fund Class 1 |  |
| C000087835 | Variable Portfolio - Partners International Value Fund Class 2 |  |

### Columbia Variable Portfolio - Seligman Global Technology Fund (Series ID: S000031384)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000097668 | Columbia Variable Portfolio - Seligman Global Technology Fund Class 1 |  |
| C000097669 | Columbia Variable Portfolio - Seligman Global Technology Fund Class 2 |  |

### Columbia Variable Portfolio - Select Large Cap Equity Fund (Series ID: S000060079)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000196698 | Columbia Variable Portfolio - Select Large Cap Equity Fund Class 1 |  |
| C000196699 | Columbia Variable Portfolio - Select Large Cap Equity Fund Class 2 |  |

?xml version='1.0' encoding='ASCII'? N-CSR

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-22127

## Columbia Funds Variable Series Trust II

#### (Exact name of registrant as specified in charter)

#### 290 Congress Street

#### Boston, MA 02210

#### (Address of principal executive offices) (Zip code)

#### Michael G. Clarke

#### c/o Columbia Management Investment Advisers, LLC

#### 290 Congress Street

#### Boston, MA 02210

#### Ryan C. Larrenaga, Esq.

#### c/o Columbia Management Investment Advisers, LLC

#### 290 Congress Street

#### Boston, MA 02210

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (800) 345-6611

#### Date of fiscal year end: Last Day of December

#### Date of reporting period: December 31, 2025

#### Part 2 of 2

------

#### Explanatory Note:

#### Please note that the Securities and Exchange Commission has a filing limit of 200MB for a filing.
**As a result the Form N-CSR filing for Columbia Funds Variable Series Trust II is being split into Part 1 and Part 2 as the combined filing would exceed the SEC filing size limit.** 

------

#### Item 1. Reports to Stockholders.

# CTIVP<sup>®</sup> – CenterSquare Real Estate Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – CenterSquare Real Estate Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $85 | 0.84% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the residential, health care and lodging/resorts sub-sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| A significant overweight to the health care sub-sector and an underweight to the residential sub-sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Ventas, a leading health care real estate operator; AvalonBay Communities, a premium multifamily apartment REIT; American Healthcare REIT, an owner of medical office buildings and acute-care facilities; Alexandria Real Estate Equities, a specialized life-science campus developer; and Mid-America Apartment Communities, a major operator of Sunbelt-focused apartment communities, were among the top contributors to the Fund's relative performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the industrial and specialty sub-sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Large weightings in the industrial sector and underweights to the self-storage and office sub-sectors detracted from the Fund's relative performance.

**Individual holdings** \| Fund positions in W. P. Carey, a diversified net-lease REIT with broad exposure across industrial, warehouse and office properties; Extra Space Storage, one of the largest self-storage operators in the United States; Welltower, a leading owner of senior housing and health-care real estate; UDR, a national multifamily apartment REIT; and Prologis, the world's largest industrial real estate platform, were among the top detractors from the Fund's relaive performance during the period.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| Class 1 **\|** ASR7030_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g89f48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – CenterSquare Real Estate Fund Class 1 ($17402)** | **Russell 1000<sup>®</sup> Index ($39030)** | **FTSE Nareit Equity REITs Index ($17401)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9536 | $9462 | $9665 |
| **02/16** | $9536 | $9459 | $9624 |
| **03/16** | $10453 | $10117 | $10600 |
| **04/16** | $10396 | $10172 | $10347 |
| **05/16** | $10351 | $10351 | $10599 |
| **06/16** | $11052 | $10374 | $11338 |
| **07/16** | $11493 | $10769 | $11809 |
| **08/16** | $11089 | $10783 | $11375 |
| **09/16** | $10869 | $10792 | $11175 |
| **10/16** | $10233 | $10582 | $10543 |
| **11/16** | $10062 | $10999 | $10365 |
| **12/16** | $10502 | $11205 | $10852 |
| **01/17** | $10466 | $11431 | $10864 |
| **02/17** | $10832 | $11873 | $11235 |
| **03/17** | $10588 | $11881 | $10978 |
| **04/17** | $10551 | $12006 | $10991 |
| **05/17** | $10478 | $12160 | $10907 |
| **06/17** | $10682 | $12244 | $11145 |
| **07/17** | $10837 | $12487 | $11281 |
| **08/17** | $10862 | $12526 | $11253 |
| **09/17** | $10798 | $12793 | $11250 |
| **10/17** | $10772 | $13086 | $11141 |
| **11/17** | $11094 | $13485 | $11443 |
| **12/17** | $11133 | $13636 | $11419 |
| **01/18** | $10669 | $14384 | $10942 |
| **02/18** | $9870 | $13856 | $10098 |
| **03/18** | $10270 | $13541 | $10483 |
| **04/18** | $10411 | $13587 | $10633 |
| **05/18** | $10721 | $13934 | $11053 |
| **06/18** | $11214 | $14024 | $11535 |
| **07/18** | $11267 | $14508 | $11627 |
| **08/18** | $11611 | $15008 | $11981 |
| **09/18** | $11333 | $15065 | $11677 |
| **10/18** | $10936 | $13999 | $11330 |
| **11/18** | $11426 | $14284 | $11867 |
| **12/18** | $10512 | $12983 | $10891 |
| **01/19** | $11717 | $14071 | $12171 |
| **02/19** | $11809 | $14548 | $12259 |
| **03/19** | $12220 | $14801 | $12670 |
| **04/19** | $12220 | $15399 | $12640 |
| **05/19** | $12260 | $14417 | $12668 |
| **06/19** | $12438 | $15430 | $12828 |
| **07/19** | $12573 | $15669 | $12992 |
| **08/19** | $13072 | $15382 | $13433 |
| **09/19** | $13423 | $15649 | $13828 |
| **10/19** | $13625 | $15980 | $14016 |
| **11/19** | $13382 | $16584 | $13805 |
| **12/19** | $13288 | $17063 | $13723 |
| **01/20** | $13450 | $17082 | $13888 |
| **02/20** | $12438 | $15686 | $12776 |
| **03/20** | $10010 | $13613 | $9976 |
| **04/20** | $10779 | $15412 | $10804 |
| **05/20** | $10900 | $16225 | $10825 |
| **06/20** | $11224 | $16584 | $11155 |
| **07/20** | $11654 | $17555 | $11607 |
| **08/20** | $11702 | $18843 | $11698 |
| **09/20** | $11336 | $18155 | $11316 |
| **10/20** | $11017 | $17717 | $11020 |
| **11/20** | $12259 | $19803 | $12223 |
| **12/20** | $12641 | $20640 | $12625 |
| **01/21** | $12546 | $20470 | $12638 |
| **02/21** | $13007 | $21064 | $13144 |
| **03/21** | $13676 | $21861 | $13745 |
| **04/21** | $14775 | $23037 | $14852 |
| **05/21** | $14934 | $23147 | $15004 |
| **06/21** | $15364 | $23727 | $15397 |
| **07/21** | $16177 | $24220 | $16137 |
| **08/21** | $16425 | $24921 | $16434 |
| **09/21** | $15538 | $23776 | $15547 |
| **10/21** | $16638 | $25426 | $16729 |
| **11/21** | $16372 | $25085 | $16616 |
| **12/21** | $17879 | $26101 | $18083 |
| **01/22** | $16656 | $24629 | $16845 |
| **02/22** | $16212 | $23953 | $16318 |
| **03/22** | $17294 | $24762 | $17386 |
| **04/22** | $16585 | $22554 | $16622 |
| **05/22** | $15591 | $22520 | $15586 |
| **06/22** | $14527 | $20634 | $14431 |
| **07/22** | $15857 | $22556 | $15738 |
| **08/22** | $14857 | $21690 | $14798 |
| **09/22** | $12988 | $19683 | $12996 |
| **10/22** | $13478 | $21261 | $13632 |
| **11/22** | $14301 | $22412 | $14418 |
| **12/22** | $13567 | $21108 | $13677 |
| **01/23** | $14990 | $22524 | $15137 |
| **02/23** | $14234 | $21988 | $14410 |
| **03/23** | $13900 | $22683 | $14044 |
| **04/23** | $14078 | $22964 | $14161 |
| **05/23** | $13567 | $23071 | $13705 |
| **06/23** | $14323 | $24629 | $14412 |
| **07/23** | $14703 | $25476 | $14822 |
| **08/23** | $14216 | $25031 | $14361 |
| **09/23** | $13243 | $23854 | $13384 |
| **10/23** | $12658 | $23278 | $12800 |
| **11/23** | $14095 | $25452 | $14151 |
| **12/23** | $15434 | $26708 | $15555 |
| **01/24** | $14801 | $27081 | $14910 |
| **02/24** | $15044 | $28543 | $15212 |
| **03/24** | $15312 | $29458 | $15525 |
| **04/24** | $14265 | $28205 | $14436 |
| **05/24** | $14995 | $29533 | $15099 |
| **06/24** | $15385 | $30510 | $15535 |
| **07/24** | $16430 | $30954 | $16502 |
| **08/24** | $17503 | $31688 | $17559 |
| **09/24** | $18028 | $32366 | $18034 |
| **10/24** | $17578 | $32139 | $17510 |
| **11/24** | $18327 | $34209 | $18262 |
| **12/24** | $17029 | $33255 | $16914 |
| **01/25** | $17104 | $34313 | $17090 |
| **02/25** | $17703 | $33713 | $17708 |
| **03/25** | $17104 | $31762 | $17068 |
| **04/25** | $16754 | $31573 | $16611 |
| **05/25** | $17054 | $33589 | $16963 |
| **06/25** | $16929 | $35290 | $16871 |
| **07/25** | $16832 | $36074 | $16742 |
| **08/25** | $17538 | $36833 | $17481 |
| **09/25** | $17646 | $38110 | $17676 |
| **10/25** | $17429 | $38932 | $17390 |
| **11/25** | $17809 | $39027 | $17812 |
| **12/25** | $17402 | $39030 | $17401 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 2.19 | 6.60 | 5.70 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| FTSE Nareit Equity REITs Index | 2.88 | 6.63 | 5.70 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to June 2016 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $143678940 |
| **Total number of portfolio holdings** | 57 |
| **Management services fees (represents 0.75% of Fund average net assets)** | $1074050 |
| **Portfolio turnover for the reporting period** | 32% |

---

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| Class 1 **\|** ASR7030_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Real Estate Sub-industry Allocation

---

| | |
|:---|:---|
| Health Care REITs | 22.0% |
| Retail REITs | 17.9% |
| Data Center REITs | 11.5% |
| Industrial REITs | 11.3% |
| Multi-Family Residential REITs | 9.2% |
| Self Storage REITs | 7.7% |
| Single-Family Residential REITs | 4.8% |
| Other Specialized REITs | 4.8% |
| Office REITs | 4.8% |
| Hotel & Resort REITs | 3.0% |
| Diversified REITs | 1.5% |
| Other | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 9.7% |
| Prologis, Inc. | 7.5% |
| Equinix, Inc. | 6.9% |
| Ventas, Inc. | 4.7% |
| Digital Realty Trust, Inc. | 4.6% |
| Extra Space Storage, Inc. | 4.0% |
| Public Storage | 3.7% |
| UDR, Inc. | 3.4% |
| Simon Property Group, Inc. | 3.3% |
| Realty Income Corp. | 3.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| Class 1 **\|** ASR7030_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – CenterSquare Real Estate Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – CenterSquare Real Estate Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $110 | 1.09% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the residential, health care and lodging/resorts sub-sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| A significant overweight to the health care sub-sector and an underweight to the residential sub-sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Ventas, a leading health care real estate operator; AvalonBay Communities, a premium multifamily apartment REIT; American Healthcare REIT, an owner of medical office buildings and acute-care facilities; Alexandria Real Estate Equities, a specialized life-science campus developer; and Mid-America Apartment Communities, a major operator of Sunbelt-focused apartment communities, were among the top contributors to the Fund's relative performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the industrial and specialty sub-sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Large weightings in the industrial sector and underweights to the self-storage and office sub-sectors detracted from the Fund's relative performance.

**Individual holdings** \| Fund positions in W. P. Carey, a diversified net-lease REIT with broad exposure across industrial, warehouse and office properties; Extra Space Storage, one of the largest self-storage operators in the United States; Welltower, a leading owner of senior housing and health-care real estate; UDR, a national multifamily apartment REIT; and Prologis, the world's largest industrial real estate platform, were among the top detractors from the Fund's relaive performance during the period.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| Class 2 **\|** ASR7030_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g75f89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – CenterSquare Real Estate Fund Class 2 ($16980)** | **Russell 1000<sup>®</sup> Index ($39030)** | **FTSE Nareit Equity REITs Index ($17401)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9533 | $9462 | $9665 |
| **02/16** | $9533 | $9459 | $9624 |
| **03/16** | $10444 | $10117 | $10600 |
| **04/16** | $10387 | $10172 | $10347 |
| **05/16** | $10342 | $10351 | $10599 |
| **06/16** | $11040 | $10374 | $11338 |
| **07/16** | $11482 | $10769 | $11809 |
| **08/16** | $11077 | $10783 | $11375 |
| **09/16** | $10844 | $10792 | $11175 |
| **10/16** | $10219 | $10582 | $10543 |
| **11/16** | $10035 | $10999 | $10365 |
| **12/16** | $10476 | $11205 | $10852 |
| **01/17** | $10439 | $11431 | $10864 |
| **02/17** | $10807 | $11873 | $11235 |
| **03/17** | $10562 | $11881 | $10978 |
| **04/17** | $10513 | $12006 | $10991 |
| **05/17** | $10439 | $12160 | $10907 |
| **06/17** | $10639 | $12244 | $11145 |
| **07/17** | $10794 | $12487 | $11281 |
| **08/17** | $10819 | $12526 | $11253 |
| **09/17** | $10755 | $12793 | $11250 |
| **10/17** | $10729 | $13086 | $11141 |
| **11/17** | $11039 | $13485 | $11443 |
| **12/17** | $11077 | $13636 | $11419 |
| **01/18** | $10626 | $14384 | $10942 |
| **02/18** | $9814 | $13856 | $10098 |
| **03/18** | $10213 | $13541 | $10483 |
| **04/18** | $10355 | $13587 | $10633 |
| **05/18** | $10665 | $13934 | $11053 |
| **06/18** | $11143 | $14024 | $11535 |
| **07/18** | $11196 | $14508 | $11627 |
| **08/18** | $11540 | $15008 | $11981 |
| **09/18** | $11262 | $15065 | $11677 |
| **10/18** | $10866 | $13999 | $11330 |
| **11/18** | $11342 | $14284 | $11867 |
| **12/18** | $10430 | $12983 | $10891 |
| **01/19** | $11633 | $14071 | $12171 |
| **02/19** | $11725 | $14548 | $12259 |
| **03/19** | $12122 | $14801 | $12670 |
| **04/19** | $12122 | $15399 | $12640 |
| **05/19** | $12161 | $14417 | $12668 |
| **06/19** | $12325 | $15430 | $12828 |
| **07/19** | $12473 | $15669 | $12992 |
| **08/19** | $12956 | $15382 | $13433 |
| **09/19** | $13306 | $15649 | $13828 |
| **10/19** | $13507 | $15980 | $14016 |
| **11/19** | $13252 | $16584 | $13805 |
| **12/19** | $13158 | $17063 | $13723 |
| **01/20** | $13306 | $17082 | $13888 |
| **02/20** | $12311 | $15686 | $12776 |
| **03/20** | $9905 | $13613 | $9976 |
| **04/20** | $10672 | $15412 | $10804 |
| **05/20** | $10793 | $16225 | $10825 |
| **06/20** | $11102 | $16584 | $11155 |
| **07/20** | $11526 | $17555 | $11607 |
| **08/20** | $11573 | $18843 | $11698 |
| **09/20** | $11209 | $18155 | $11316 |
| **10/20** | $10893 | $17717 | $11020 |
| **11/20** | $12112 | $19803 | $12223 |
| **12/20** | $12476 | $20640 | $12625 |
| **01/21** | $12397 | $20470 | $12638 |
| **02/21** | $12840 | $21064 | $13144 |
| **03/21** | $13505 | $21861 | $13745 |
| **04/21** | $14581 | $23037 | $14852 |
| **05/21** | $14740 | $23147 | $15004 |
| **06/21** | $15167 | $23727 | $15397 |
| **07/21** | $15942 | $24220 | $16137 |
| **08/21** | $16189 | $24921 | $16434 |
| **09/21** | $15308 | $23776 | $15547 |
| **10/21** | $16400 | $25426 | $16729 |
| **11/21** | $16136 | $25085 | $16616 |
| **12/21** | $17616 | $26101 | $18083 |
| **01/22** | $16400 | $24629 | $16845 |
| **02/22** | $15960 | $23953 | $16318 |
| **03/22** | $17034 | $24762 | $17386 |
| **04/22** | $16330 | $22554 | $16622 |
| **05/22** | $15343 | $22520 | $15586 |
| **06/22** | $14304 | $20634 | $14431 |
| **07/22** | $15603 | $22556 | $15738 |
| **08/22** | $14610 | $21690 | $14798 |
| **09/22** | $12778 | $19683 | $12996 |
| **10/22** | $13241 | $21261 | $13632 |
| **11/22** | $14058 | $22412 | $14418 |
| **12/22** | $13330 | $21108 | $13677 |
| **01/23** | $14720 | $22524 | $15137 |
| **02/23** | $13970 | $21988 | $14410 |
| **03/23** | $13661 | $22683 | $14044 |
| **04/23** | $13837 | $22964 | $14161 |
| **05/23** | $13330 | $23071 | $13705 |
| **06/23** | $14036 | $24629 | $14412 |
| **07/23** | $14438 | $25476 | $14822 |
| **08/23** | $13932 | $25031 | $14361 |
| **09/23** | $12992 | $23854 | $13384 |
| **10/23** | $12413 | $23278 | $12800 |
| **11/23** | $13811 | $25452 | $14151 |
| **12/23** | $15137 | $26708 | $15555 |
| **01/24** | $14510 | $27081 | $14910 |
| **02/24** | $14751 | $28543 | $15212 |
| **03/24** | $14992 | $29458 | $15525 |
| **04/24** | $13980 | $28205 | $14436 |
| **05/24** | $14679 | $29533 | $15099 |
| **06/24** | $15065 | $30510 | $15535 |
| **07/24** | $16087 | $30954 | $16502 |
| **08/24** | $17123 | $31688 | $17559 |
| **09/24** | $17641 | $32366 | $18034 |
| **10/24** | $17197 | $32139 | $17510 |
| **11/24** | $17937 | $34209 | $18262 |
| **12/24** | $16629 | $33255 | $16914 |
| **01/25** | $16728 | $34313 | $17090 |
| **02/25** | $17320 | $33713 | $17708 |
| **03/25** | $16728 | $31762 | $17068 |
| **04/25** | $16358 | $31573 | $16611 |
| **05/25** | $16679 | $33589 | $16963 |
| **06/25** | $16531 | $35290 | $16871 |
| **07/25** | $16417 | $36074 | $16742 |
| **08/25** | $17114 | $36833 | $17481 |
| **09/25** | $17248 | $38110 | $17676 |
| **10/25** | $17007 | $38932 | $17390 |
| **11/25** | $17382 | $39027 | $17812 |
| **12/25** | $16980 | $39030 | $17401 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 2.11 | 6.36 | 5.44 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| FTSE Nareit Equity REITs Index | 2.88 | 6.63 | 5.70 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to June 2016 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $143678940 |
| **Total number of portfolio holdings** | 57 |
| **Management services fees (represents 0.75% of Fund average net assets)** | $1074050 |
| **Portfolio turnover for the reporting period** | 32% |

---

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| Class 2 **\|** ASR7030_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Real Estate Sub-industry Allocation

---

| | |
|:---|:---|
| Health Care REITs | 22.0% |
| Retail REITs | 17.9% |
| Data Center REITs | 11.5% |
| Industrial REITs | 11.3% |
| Multi-Family Residential REITs | 9.2% |
| Self Storage REITs | 7.7% |
| Single-Family Residential REITs | 4.8% |
| Other Specialized REITs | 4.8% |
| Office REITs | 4.8% |
| Hotel & Resort REITs | 3.0% |
| Diversified REITs | 1.5% |
| Other | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 9.7% |
| Prologis, Inc. | 7.5% |
| Equinix, Inc. | 6.9% |
| Ventas, Inc. | 4.7% |
| Digital Realty Trust, Inc. | 4.6% |
| Extra Space Storage, Inc. | 4.0% |
| Public Storage | 3.7% |
| UDR, Inc. | 3.4% |
| Simon Property Group, Inc. | 3.3% |
| Realty Income Corp. | 3.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| Class 2 **\|** ASR7030_02_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Principal Large Cap Growth Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Principal Large Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $75 | 0.70% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the financials, consumer discretionary and materials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweights to the consumer staples and energy sectors, and an overweight to the industrials sector, positively impacted the Fund's relative performance.

**Individual holdings** \| Relative underweights to Apple, a diversified electronic products provider; Microsoft, a software, services and devices provider; and Tesla, an electric vehicle and energy generation and storage company, contributed to the Fund's relative performance. Positions in Visa, a global payments services company; and Netflix, an entertainment services provider, were also among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, health care, industrials and communication services sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the information technology and communication services sectors, and overweights to the financials and materials sectors detracted from relative performance.

**Individual holdings** \| Positions in Copart, an online vehicle auction and remarketing services company; Oracle, a corporate packaged software company; Roper Technologies, a diversified packaged software company; ServiceNow, a workflow automation platform provider; and KKR & Co., a provider of alternative asset management and capital market solutions, were among the top detractors from the Fund's relative performance.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| Class 1 **\|** ASR7032_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g12c42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Principal Large Cap Growth Fund Class 1 ($39287)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Growth Index ($52906)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9431 | $9462 | $9442 |
| **02/16** | $9301 | $9459 | $9438 |
| **03/16** | $9933 | $10117 | $10074 |
| **04/16** | $10024 | $10172 | $9982 |
| **05/16** | $10318 | $10351 | $10176 |
| **06/16** | $10227 | $10374 | $10136 |
| **07/16** | $10853 | $10769 | $10615 |
| **08/16** | $10983 | $10783 | $10562 |
| **09/16** | $11084 | $10792 | $10600 |
| **10/16** | $10761 | $10582 | $10351 |
| **11/16** | $10583 | $10999 | $10577 |
| **12/16** | $10578 | $11205 | $10708 |
| **01/17** | $10916 | $11431 | $11068 |
| **02/17** | $11311 | $11873 | $11528 |
| **03/17** | $11504 | $11881 | $11662 |
| **04/17** | $11807 | $12006 | $11928 |
| **05/17** | $12333 | $12160 | $12238 |
| **06/17** | $12453 | $12244 | $12206 |
| **07/17** | $12853 | $12487 | $12531 |
| **08/17** | $13104 | $12526 | $12760 |
| **09/17** | $13243 | $12793 | $12926 |
| **10/17** | $13682 | $13086 | $13427 |
| **11/17** | $14063 | $13485 | $13835 |
| **12/17** | $14072 | $13636 | $13943 |
| **01/18** | $15267 | $14384 | $14930 |
| **02/18** | $14670 | $13856 | $14539 |
| **03/18** | $14188 | $13541 | $14140 |
| **04/18** | $14096 | $13587 | $14189 |
| **05/18** | $14583 | $13934 | $14811 |
| **06/18** | $14569 | $14024 | $14954 |
| **07/18** | $15046 | $14508 | $15393 |
| **08/18** | $15600 | $15008 | $16235 |
| **09/18** | $15566 | $15065 | $16325 |
| **10/18** | $14260 | $13999 | $14865 |
| **11/18** | $14920 | $14284 | $15023 |
| **12/18** | $13735 | $12983 | $13732 |
| **01/19** | $14906 | $14071 | $14966 |
| **02/19** | $15508 | $14548 | $15501 |
| **03/19** | $15937 | $14801 | $15943 |
| **04/19** | $16805 | $15399 | $16663 |
| **05/19** | $15566 | $14417 | $15610 |
| **06/19** | $16747 | $15430 | $16682 |
| **07/19** | $16935 | $15669 | $17059 |
| **08/19** | $16588 | $15382 | $16928 |
| **09/19** | $16487 | $15649 | $16930 |
| **10/19** | $16781 | $15980 | $17408 |
| **11/19** | $17571 | $16584 | $18180 |
| **12/19** | $18096 | $17063 | $18729 |
| **01/20** | $18236 | $17082 | $19147 |
| **02/20** | $17325 | $15686 | $17843 |
| **03/20** | $16029 | $13613 | $16088 |
| **04/20** | $17966 | $15412 | $18468 |
| **05/20** | $19166 | $16225 | $19708 |
| **06/20** | $19880 | $16584 | $20567 |
| **07/20** | $20867 | $17555 | $22149 |
| **08/20** | $22978 | $18843 | $24434 |
| **09/20** | $21976 | $18155 | $23285 |
| **10/20** | $21412 | $17717 | $22494 |
| **11/20** | $23195 | $19803 | $24797 |
| **12/20** | $23875 | $20640 | $25938 |
| **01/21** | $23345 | $20470 | $25746 |
| **02/21** | $23913 | $21064 | $25740 |
| **03/21** | $24593 | $21861 | $26182 |
| **04/21** | $25947 | $23037 | $27963 |
| **05/21** | $26116 | $23147 | $27577 |
| **06/21** | $27142 | $23727 | $29307 |
| **07/21** | $27716 | $24220 | $30273 |
| **08/21** | $28419 | $24921 | $31404 |
| **09/21** | $26559 | $23776 | $29646 |
| **10/21** | $28096 | $25426 | $32213 |
| **11/21** | $27648 | $25085 | $32410 |
| **12/21** | $28308 | $26101 | $33096 |
| **01/22** | $26569 | $24629 | $30255 |
| **02/22** | $25345 | $23953 | $28970 |
| **03/22** | $26116 | $24762 | $30103 |
| **04/22** | $22381 | $22554 | $26468 |
| **05/22** | $22260 | $22520 | $25853 |
| **06/22** | $20472 | $20634 | $23805 |
| **07/22** | $22906 | $22556 | $26662 |
| **08/22** | $21677 | $21690 | $25420 |
| **09/22** | $19272 | $19683 | $22949 |
| **10/22** | $20390 | $21261 | $24290 |
| **11/22** | $21749 | $22412 | $25397 |
| **12/22** | $20381 | $21108 | $23453 |
| **01/23** | $22140 | $22524 | $25407 |
| **02/23** | $21301 | $21988 | $25106 |
| **03/23** | $22188 | $22683 | $26822 |
| **04/23** | $22684 | $22964 | $27086 |
| **05/23** | $23142 | $23071 | $28321 |
| **06/23** | $24834 | $24629 | $30258 |
| **07/23** | $25552 | $25476 | $31277 |
| **08/23** | $25653 | $25031 | $30996 |
| **09/23** | $24193 | $23854 | $29310 |
| **10/23** | $24178 | $23278 | $28893 |
| **11/23** | $27306 | $25452 | $32043 |
| **12/23** | $28439 | $26708 | $33462 |
| **01/24** | $29176 | $27081 | $34296 |
| **02/24** | $30655 | $28543 | $36636 |
| **03/24** | $31267 | $29458 | $37281 |
| **04/24** | $29933 | $28205 | $35700 |
| **05/24** | $30921 | $29533 | $37837 |
| **06/24** | $32101 | $30510 | $40388 |
| **07/24** | $32318 | $30954 | $39701 |
| **08/24** | $32925 | $31688 | $40528 |
| **09/24** | $33480 | $32366 | $41677 |
| **10/24** | $33031 | $32139 | $41539 |
| **11/24** | $35451 | $34209 | $44233 |
| **12/24** | $34530 | $33255 | $44623 |
| **01/25** | $36125 | $34313 | $45506 |
| **02/25** | $34901 | $33713 | $43871 |
| **03/25** | $33041 | $31762 | $40175 |
| **04/25** | $33759 | $31573 | $40887 |
| **05/25** | $35961 | $33589 | $44505 |
| **06/25** | $37798 | $35290 | $47342 |
| **07/25** | $39287 | $36074 | $49129 |
| **08/25** | $39195 | $36833 | $49679 |
| **09/25** | $40159 | $38110 | $52318 |
| **10/25** | $40554 | $38932 | $54218 |
| **11/25** | $39798 | $39027 | $53236 |
| **12/25** | $39287 | $39030 | $52906 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 13.78 | 10.47 | 14.66 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Growth Index | 18.56 | 15.32 | 18.13 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2022 reflects returns achieved by one or more different subadvisers. If the Fund's current subadviser had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1954197683 |
| **Total number of portfolio holdings** | 44 |
| **Management services fees (represents 0.68% of Fund average net assets)** | $13559759 |
| **Portfolio turnover for the reporting period** | 44% |

---

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| Class 1 **\|** ASR7032_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Software | 20.2% |
| Semiconductors & Semiconductor Equipment | 18.4% |
| Technology Hardware, Storage & Peripherals | 7.7% |
| Other | 0.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 12.6% |
| Microsoft Corp. | 7.9% |
| Apple, Inc. | 7.7% |
| Broadcom, Inc. | 5.8% |
| Amazon.com, Inc. | 5.2% |
| TransDigm Group, Inc. | 4.5% |
| Brookfield Corp. | 3.7% |
| Cadence Design Systems, Inc. | 3.7% |
| Meta Platforms, Inc., Class A | 3.6% |
| Alphabet, Inc., Class A | 3.5% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 46.9% |
| Financials | 12.8% |
| Communication Services | 11.7% |
| Consumer Discretionary | 11.5% |
| Industrials | 7.1% |
| Health Care | 5.5% |
| Materials | 2.2% |
| Real Estate | 1.3% |
| Consumer Staples | 0.8% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On June 1, 2025, the Fund's name changed from CTIVP<sup>®</sup> – Principal Blue Chip Growth Fund to CTIVP<sup>®</sup> – Principal Large Cap Growth Fund as announced in its prospectus dated May 1, 2025. On May 1, 2025, the Fund revised its Principal Investment Strategies and added an 80% investment policy related to its strategy of investing in securities of large capitalization companies.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| Class 1 **\|** ASR7032_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Principal Large Cap Growth Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Principal Large Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $101 | 0.95% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the financials, consumer discretionary and materials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweights to the consumer staples and energy sectors, and an overweight to the industrials sector, positively impacted the Fund's relative performance.

**Individual holdings** \| Relative underweights to Apple, a diversified electronic products provider; Microsoft, a software, services and devices provider; and Tesla, an electric vehicle and energy generation and storage company, contributed to the Fund's relative performance. Positions in Visa, a global payments services company; and Netflix, an entertainment services provider, were also among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, health care, industrials and communication services sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the information technology and communication services sectors, and overweights to the financials and materials sectors detracted from relative performance.

**Individual holdings** \| Positions in Copart, an online vehicle auction and remarketing services company; Oracle, a corporate packaged software company; Roper Technologies, a diversified packaged software company; ServiceNow, a workflow automation platform provider; and KKR & Co., a provider of alternative asset management and capital market solutions, were among the top detractors from the Fund's relative performance.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| Class 2 **\|** ASR7032_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g39a12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Principal Large Cap Growth Fund Class 2 ($38333)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Growth Index ($52906)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9433 | $9462 | $9442 |
| **02/16** | $9296 | $9459 | $9438 |
| **03/16** | $9927 | $10117 | $10074 |
| **04/16** | $10020 | $10172 | $9982 |
| **05/16** | $10313 | $10351 | $10176 |
| **06/16** | $10215 | $10374 | $10136 |
| **07/16** | $10846 | $10769 | $10615 |
| **08/16** | $10968 | $10783 | $10562 |
| **09/16** | $11070 | $10792 | $10600 |
| **10/16** | $10743 | $10582 | $10351 |
| **11/16** | $10562 | $10999 | $10577 |
| **12/16** | $10557 | $11205 | $10708 |
| **01/17** | $10890 | $11431 | $11068 |
| **02/17** | $11281 | $11873 | $11528 |
| **03/17** | $11476 | $11881 | $11662 |
| **04/17** | $11774 | $12006 | $11928 |
| **05/17** | $12292 | $12160 | $12238 |
| **06/17** | $12414 | $12244 | $12206 |
| **07/17** | $12805 | $12487 | $12531 |
| **08/17** | $13055 | $12526 | $12760 |
| **09/17** | $13192 | $12793 | $12926 |
| **10/17** | $13627 | $13086 | $13427 |
| **11/17** | $13998 | $13485 | $13835 |
| **12/17** | $14008 | $13636 | $13943 |
| **01/18** | $15196 | $14384 | $14930 |
| **02/18** | $14599 | $13856 | $14539 |
| **03/18** | $14115 | $13541 | $14140 |
| **04/18** | $14018 | $13587 | $14189 |
| **05/18** | $14501 | $13934 | $14811 |
| **06/18** | $14487 | $14024 | $14954 |
| **07/18** | $14956 | $14508 | $15393 |
| **08/18** | $15503 | $15008 | $16235 |
| **09/18** | $15469 | $15065 | $16325 |
| **10/18** | $14164 | $13999 | $14865 |
| **11/18** | $14819 | $14284 | $15023 |
| **12/18** | $13636 | $12983 | $13732 |
| **01/19** | $14800 | $14071 | $14966 |
| **02/19** | $15391 | $14548 | $15501 |
| **03/19** | $15816 | $14801 | $15943 |
| **04/19** | $16672 | $15399 | $16663 |
| **05/19** | $15440 | $14417 | $15610 |
| **06/19** | $16608 | $15430 | $16682 |
| **07/19** | $16789 | $15669 | $17059 |
| **08/19** | $16447 | $15382 | $16928 |
| **09/19** | $16339 | $15649 | $16930 |
| **10/19** | $16628 | $15980 | $17408 |
| **11/19** | $17410 | $16584 | $18180 |
| **12/19** | $17923 | $17063 | $18729 |
| **01/20** | $18060 | $17082 | $19147 |
| **02/20** | $17155 | $15686 | $17843 |
| **03/20** | $15865 | $13613 | $16088 |
| **04/20** | $17781 | $15412 | $18468 |
| **05/20** | $18964 | $16225 | $19708 |
| **06/20** | $19663 | $16584 | $20567 |
| **07/20** | $20640 | $17555 | $22149 |
| **08/20** | $22722 | $18843 | $24434 |
| **09/20** | $21725 | $18155 | $23285 |
| **10/20** | $21163 | $17717 | $22494 |
| **11/20** | $22923 | $19803 | $24797 |
| **12/20** | $23588 | $20640 | $25938 |
| **01/21** | $23060 | $20470 | $25746 |
| **02/21** | $23617 | $21064 | $25740 |
| **03/21** | $24282 | $21861 | $26182 |
| **04/21** | $25611 | $23037 | $27963 |
| **05/21** | $25777 | $23147 | $27577 |
| **06/21** | $26784 | $23727 | $29307 |
| **07/21** | $27341 | $24220 | $30273 |
| **08/21** | $28030 | $24921 | $31404 |
| **09/21** | $26193 | $23776 | $29646 |
| **10/21** | $27698 | $25426 | $32213 |
| **11/21** | $27253 | $25085 | $32410 |
| **12/21** | $27898 | $26101 | $33096 |
| **01/22** | $26178 | $24629 | $30255 |
| **02/22** | $24966 | $23953 | $28970 |
| **03/22** | $25723 | $24762 | $30103 |
| **04/22** | $22038 | $22554 | $26468 |
| **05/22** | $21916 | $22520 | $25853 |
| **06/22** | $20152 | $20634 | $23805 |
| **07/22** | $22542 | $22556 | $26662 |
| **08/22** | $21325 | $21690 | $25420 |
| **09/22** | $18959 | $19683 | $22949 |
| **10/22** | $20049 | $21261 | $24290 |
| **11/22** | $21383 | $22412 | $25397 |
| **12/22** | $20034 | $21108 | $23453 |
| **01/23** | $21760 | $22524 | $25407 |
| **02/23** | $20934 | $21988 | $25106 |
| **03/23** | $21799 | $22683 | $26822 |
| **04/23** | $22283 | $22964 | $27086 |
| **05/23** | $22722 | $23071 | $28321 |
| **06/23** | $24384 | $24629 | $30258 |
| **07/23** | $25083 | $25476 | $31277 |
| **08/23** | $25176 | $25031 | $30996 |
| **09/23** | $23739 | $23854 | $29310 |
| **10/23** | $23719 | $23278 | $28893 |
| **11/23** | $26784 | $25452 | $32043 |
| **12/23** | $27889 | $26708 | $33462 |
| **01/24** | $28602 | $27081 | $34296 |
| **02/24** | $30049 | $28543 | $36636 |
| **03/24** | $30645 | $29458 | $37281 |
| **04/24** | $29326 | $28205 | $35700 |
| **05/24** | $30288 | $29533 | $37837 |
| **06/24** | $31437 | $30510 | $40388 |
| **07/24** | $31647 | $30954 | $39701 |
| **08/24** | $32229 | $31688 | $40528 |
| **09/24** | $32766 | $32366 | $41677 |
| **10/24** | $32327 | $32139 | $41539 |
| **11/24** | $34687 | $34209 | $44233 |
| **12/24** | $33778 | $33255 | $44623 |
| **01/25** | $35328 | $34313 | $45506 |
| **02/25** | $34125 | $33713 | $43871 |
| **03/25** | $32302 | $31762 | $40175 |
| **04/25** | $32991 | $31573 | $40887 |
| **05/25** | $35142 | $33589 | $44505 |
| **06/25** | $36926 | $35290 | $47342 |
| **07/25** | $38372 | $36074 | $49129 |
| **08/25** | $38280 | $36833 | $49679 |
| **09/25** | $39208 | $38110 | $52318 |
| **10/25** | $39585 | $38932 | $54218 |
| **11/25** | $38837 | $39027 | $53236 |
| **12/25** | $38333 | $39030 | $52906 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 13.49 | 10.20 | 14.38 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Growth Index | 18.56 | 15.32 | 18.13 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2022 reflects returns achieved by one or more different subadvisers. If the Fund's current subadviser had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1954197683 |
| **Total number of portfolio holdings** | 44 |
| **Management services fees (represents 0.68% of Fund average net assets)** | $13559759 |
| **Portfolio turnover for the reporting period** | 44% |

---

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| Class 2 **\|** ASR7032_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Software | 20.2% |
| Semiconductors & Semiconductor Equipment | 18.4% |
| Technology Hardware, Storage & Peripherals | 7.7% |
| Other | 0.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 12.6% |
| Microsoft Corp. | 7.9% |
| Apple, Inc. | 7.7% |
| Broadcom, Inc. | 5.8% |
| Amazon.com, Inc. | 5.2% |
| TransDigm Group, Inc. | 4.5% |
| Brookfield Corp. | 3.7% |
| Cadence Design Systems, Inc. | 3.7% |
| Meta Platforms, Inc., Class A | 3.6% |
| Alphabet, Inc., Class A | 3.5% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 46.9% |
| Financials | 12.8% |
| Communication Services | 11.7% |
| Consumer Discretionary | 11.5% |
| Industrials | 7.1% |
| Health Care | 5.5% |
| Materials | 2.2% |
| Real Estate | 1.3% |
| Consumer Staples | 0.8% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On June 1, 2025, the Fund's name changed from CTIVP<sup>®</sup> – Principal Blue Chip Growth Fund to CTIVP<sup>®</sup> – Principal Large Cap Growth Fund as announced in its prospectus dated May 1, 2025. On May 1, 2025, the Fund revised its Principal Investment Strategies and added an 80% investment policy related to its strategy of investing in securities of large capitalization companies.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| Class 2 **\|** ASR7032_02_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $73 | 0.69% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the information technology, financials and industrials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweight allocations to the consumer discretionary and real estate sectors positively impacted relative performance.

**Individual holdings** \| Positions in Micron Technology, a provider of memory and storage solutions; GE Aerospace, a diversified aircraft company; L3Harris Technologies, a defense and commercial technologies provider; Citigroup, a diversified financial products and services company; and CVS Health, a provider of health care services, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the health care, materials, consumer staples and real estate sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Holding cash, an underweight to the communication services sector and overweights to the consumer staples, energy and health care sectors detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Kenvue, a consumer health company; Zimmer Biomet, a designer and manufacturer of orthopedic reconstructive products; International Paper, a packaging and pulp products producer; and Fortive, a diversified electronic equipment and instruments company, were among the top detractors from the Fund's relative performance. Not holding JPMorgan Chase also detracted from relative performance.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| Class 1 **\|** ASR7036_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g22x54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund Class 1 ($25728)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9592 | $9462 | $9483 |
| **02/16** | $9668 | $9459 | $9481 |
| **03/16** | $10338 | $10117 | $10164 |
| **04/16** | $10495 | $10172 | $10377 |
| **05/16** | $10565 | $10351 | $10539 |
| **06/16** | $10490 | $10374 | $10630 |
| **07/16** | $10752 | $10769 | $10938 |
| **08/16** | $10793 | $10783 | $11023 |
| **09/16** | $10723 | $10792 | $11000 |
| **10/16** | $10670 | $10582 | $10829 |
| **11/16** | $11270 | $10999 | $11448 |
| **12/16** | $11434 | $11205 | $11734 |
| **01/17** | $11492 | $11431 | $11818 |
| **02/17** | $11917 | $11873 | $12242 |
| **03/17** | $11882 | $11881 | $12118 |
| **04/17** | $11911 | $12006 | $12095 |
| **05/17** | $11958 | $12160 | $12083 |
| **06/17** | $12185 | $12244 | $12281 |
| **07/17** | $12378 | $12487 | $12444 |
| **08/17** | $12249 | $12526 | $12299 |
| **09/17** | $12611 | $12793 | $12663 |
| **10/17** | $12756 | $13086 | $12755 |
| **11/17** | $13217 | $13485 | $13146 |
| **12/17** | $13293 | $13636 | $13337 |
| **01/18** | $13928 | $14384 | $13853 |
| **02/18** | $13263 | $13856 | $13192 |
| **03/18** | $12925 | $13541 | $12960 |
| **04/18** | $13013 | $13587 | $13002 |
| **05/18** | $13059 | $13934 | $13080 |
| **06/18** | $13170 | $14024 | $13112 |
| **07/18** | $13648 | $14508 | $13631 |
| **08/18** | $13765 | $15008 | $13832 |
| **09/18** | $13724 | $15065 | $13860 |
| **10/18** | $12966 | $13999 | $13142 |
| **11/18** | $13351 | $14284 | $13534 |
| **12/18** | $12057 | $12983 | $12235 |
| **01/19** | $12925 | $14071 | $13187 |
| **02/19** | $13316 | $14548 | $13608 |
| **03/19** | $13415 | $14801 | $13695 |
| **04/19** | $14033 | $15399 | $14181 |
| **05/19** | $13147 | $14417 | $13269 |
| **06/19** | $13992 | $15430 | $14221 |
| **07/19** | $14120 | $15669 | $14339 |
| **08/19** | $13794 | $15382 | $13918 |
| **09/19** | $14295 | $15649 | $14414 |
| **10/19** | $14365 | $15980 | $14616 |
| **11/19** | $14860 | $16584 | $15068 |
| **12/19** | $15262 | $17063 | $15482 |
| **01/20** | $14831 | $17082 | $15149 |
| **02/20** | $13287 | $15686 | $13682 |
| **03/20** | $10880 | $13613 | $11344 |
| **04/20** | $11923 | $15412 | $12619 |
| **05/20** | $12314 | $16225 | $13051 |
| **06/20** | $12448 | $16584 | $12965 |
| **07/20** | $12984 | $17555 | $13477 |
| **08/20** | $13427 | $18843 | $14035 |
| **09/20** | $12990 | $18155 | $13690 |
| **10/20** | $12995 | $17717 | $13510 |
| **11/20** | $15017 | $19803 | $15327 |
| **12/20** | $15670 | $20640 | $15915 |
| **01/21** | $15600 | $20470 | $15769 |
| **02/21** | $16678 | $21064 | $16722 |
| **03/21** | $17617 | $21861 | $17706 |
| **04/21** | $18339 | $23037 | $18414 |
| **05/21** | $18788 | $23147 | $18844 |
| **06/21** | $18432 | $23727 | $18628 |
| **07/21** | $18368 | $24220 | $18777 |
| **08/21** | $18893 | $24921 | $19150 |
| **09/21** | $18368 | $23776 | $18483 |
| **10/21** | $19213 | $25426 | $19422 |
| **11/21** | $18508 | $25085 | $18737 |
| **12/21** | $19633 | $26101 | $19919 |
| **01/22** | $19650 | $24629 | $19455 |
| **02/22** | $19487 | $23953 | $19229 |
| **03/22** | $19767 | $24762 | $19772 |
| **04/22** | $18741 | $22554 | $18657 |
| **05/22** | $19254 | $22520 | $19020 |
| **06/22** | $17663 | $20634 | $17358 |
| **07/22** | $18700 | $22556 | $18509 |
| **08/22** | $18316 | $21690 | $17957 |
| **09/22** | $16649 | $19683 | $16383 |
| **10/22** | $18258 | $21261 | $18063 |
| **11/22** | $19406 | $22412 | $19191 |
| **12/22** | $18660 | $21108 | $18418 |
| **01/23** | $19668 | $22524 | $19372 |
| **02/23** | $18875 | $21988 | $18689 |
| **03/23** | $18368 | $22683 | $18603 |
| **04/23** | $18852 | $22964 | $18883 |
| **05/23** | $17786 | $23071 | $18155 |
| **06/23** | $18963 | $24629 | $19361 |
| **07/23** | $19726 | $25476 | $20042 |
| **08/23** | $18986 | $25031 | $19501 |
| **09/23** | $18374 | $23854 | $18748 |
| **10/23** | $18007 | $23278 | $18087 |
| **11/23** | $19382 | $25452 | $19451 |
| **12/23** | $20449 | $26708 | $20529 |
| **01/24** | $20414 | $27081 | $20550 |
| **02/24** | $21142 | $28543 | $21308 |
| **03/24** | $22331 | $29458 | $22373 |
| **04/24** | $21614 | $28205 | $21418 |
| **05/24** | $22424 | $29533 | $22097 |
| **06/24** | $22174 | $30510 | $21889 |
| **07/24** | $22943 | $30954 | $23008 |
| **08/24** | $23456 | $31688 | $23625 |
| **09/24** | $23660 | $32366 | $23953 |
| **10/24** | $23386 | $32139 | $23689 |
| **11/24** | $24650 | $34209 | $25202 |
| **12/24** | $22890 | $33255 | $23478 |
| **01/25** | $23951 | $34313 | $24565 |
| **02/25** | $24167 | $33713 | $24665 |
| **03/25** | $23695 | $31762 | $23980 |
| **04/25** | $22389 | $31573 | $23249 |
| **05/25** | $23164 | $33589 | $24065 |
| **06/25** | $23712 | $35290 | $24888 |
| **07/25** | $23561 | $36074 | $25031 |
| **08/25** | $24481 | $36833 | $25829 |
| **09/25** | $24645 | $38110 | $26215 |
| **10/25** | $24709 | $38932 | $26330 |
| **11/25** | $25198 | $39027 | $27030 |
| **12/25** | $25728 | $39030 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 12.40 | 10.43 | 9.91 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to November 2016 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2072858190 |
| **Total number of portfolio holdings** | 81 |
| **Management services fees (represents 0.68% of Fund average net assets)** | $13806059 |
| **Portfolio turnover for the reporting period** | 43% |

---

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| Class 1 **\|** ASR7036_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 22.0% |
| Industrials | 13.6% |
| Health Care | 13.4% |
| Information Technology | 12.2% |
| Energy | 7.7% |
| Communication Services | 7.7% |
| Consumer Staples | 6.7% |
| Utilities | 4.7% |
| Consumer Discretionary | 4.6% |
| Materials | 3.6% |
| Other | 3.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 4.5% |
| Charles Schwab Corp. (The) | 3.0% |
| Bank of America Corp. | 3.0% |
| ConocoPhillips Co. | 2.5% |
| Elevance Health, Inc. | 2.4% |
| Chubb Ltd. | 2.4% |
| CSX Corp. | 2.3% |
| Amazon.com, Inc. | 2.2% |
| Procter & Gamble Co. (The) | 2.2% |
| MetLife, Inc. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Other | 0.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| Class 1 **\|** ASR7036_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $100 | 0.94% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the information technology, financials and industrials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweight allocations to the consumer discretionary and real estate sectors positively impacted relative performance.

**Individual holdings** \| Positions in Micron Technology, a provider of memory and storage solutions; GE Aerospace, a diversified aircraft company; L3Harris Technologies, a defense and commercial technologies provider; Citigroup, a diversified financial products and services company; and CVS Health, a provider of health care services, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the health care, materials, consumer staples and real estate sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Holding cash, an underweight to the communication services sector and overweights to the consumer staples, energy and health care sectors detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Kenvue, a consumer health company; Zimmer Biomet, a designer and manufacturer of orthopedic reconstructive products; International Paper, a packaging and pulp products producer; and Fortive, a diversified electronic equipment and instruments company, were among the top detractors from the Fund's relative performance. Not holding JPMorgan Chase also detracted from relative performance.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| Class 2 **\|** ASR7036_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g98c22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund Class 2 ($25095)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9592 | $9462 | $9483 |
| **02/16** | $9669 | $9459 | $9481 |
| **03/16** | $10331 | $10117 | $10164 |
| **04/16** | $10485 | $10172 | $10377 |
| **05/16** | $10556 | $10351 | $10539 |
| **06/16** | $10479 | $10374 | $10630 |
| **07/16** | $10733 | $10769 | $10938 |
| **08/16** | $10774 | $10783 | $11023 |
| **09/16** | $10703 | $10792 | $11000 |
| **10/16** | $10650 | $10582 | $10829 |
| **11/16** | $11247 | $10999 | $11448 |
| **12/16** | $11407 | $11205 | $11734 |
| **01/17** | $11466 | $11431 | $11818 |
| **02/17** | $11879 | $11873 | $12242 |
| **03/17** | $11844 | $11881 | $12118 |
| **04/17** | $11868 | $12006 | $12095 |
| **05/17** | $11915 | $12160 | $12083 |
| **06/17** | $12139 | $12244 | $12281 |
| **07/17** | $12329 | $12487 | $12444 |
| **08/17** | $12199 | $12526 | $12299 |
| **09/17** | $12553 | $12793 | $12663 |
| **10/17** | $12701 | $13086 | $12755 |
| **11/17** | $13150 | $13485 | $13146 |
| **12/17** | $13227 | $13636 | $13337 |
| **01/18** | $13853 | $14384 | $13853 |
| **02/18** | $13191 | $13856 | $13192 |
| **03/18** | $12855 | $13541 | $12960 |
| **04/18** | $12937 | $13587 | $13002 |
| **05/18** | $12979 | $13934 | $13080 |
| **06/18** | $13091 | $14024 | $13112 |
| **07/18** | $13564 | $14508 | $13631 |
| **08/18** | $13670 | $15008 | $13832 |
| **09/18** | $13629 | $15065 | $13860 |
| **10/18** | $12872 | $13999 | $13142 |
| **11/18** | $13257 | $14284 | $13534 |
| **12/18** | $11968 | $12983 | $12235 |
| **01/19** | $12825 | $14071 | $13187 |
| **02/19** | $13209 | $14548 | $13608 |
| **03/19** | $13310 | $14801 | $13695 |
| **04/19** | $13918 | $15399 | $14181 |
| **05/19** | $13032 | $14417 | $13269 |
| **06/19** | $13871 | $15430 | $14221 |
| **07/19** | $13995 | $15669 | $14339 |
| **08/19** | $13664 | $15382 | $13918 |
| **09/19** | $14161 | $15649 | $14414 |
| **10/19** | $14226 | $15980 | $14616 |
| **11/19** | $14716 | $16584 | $15068 |
| **12/19** | $15106 | $17063 | $15482 |
| **01/20** | $14681 | $17082 | $15149 |
| **02/20** | $13144 | $15686 | $13682 |
| **03/20** | $10768 | $13613 | $11344 |
| **04/20** | $11791 | $15412 | $12619 |
| **05/20** | $12181 | $16225 | $13051 |
| **06/20** | $12305 | $16584 | $12965 |
| **07/20** | $12837 | $17555 | $13477 |
| **08/20** | $13268 | $18843 | $14035 |
| **09/20** | $12837 | $18155 | $13690 |
| **10/20** | $12843 | $17717 | $13510 |
| **11/20** | $14835 | $19803 | $15327 |
| **12/20** | $15479 | $20640 | $15915 |
| **01/21** | $15402 | $20470 | $15769 |
| **02/21** | $16466 | $21064 | $16722 |
| **03/21** | $17382 | $21861 | $17706 |
| **04/21** | $18097 | $23037 | $18414 |
| **05/21** | $18534 | $23147 | $18844 |
| **06/21** | $18180 | $23727 | $18628 |
| **07/21** | $18115 | $24220 | $18777 |
| **08/21** | $18629 | $24921 | $19150 |
| **09/21** | $18103 | $23776 | $18483 |
| **10/21** | $18936 | $25426 | $19422 |
| **11/21** | $18233 | $25085 | $18737 |
| **12/21** | $19338 | $26101 | $19919 |
| **01/22** | $19350 | $24629 | $19455 |
| **02/22** | $19190 | $23953 | $19229 |
| **03/22** | $19456 | $24762 | $19772 |
| **04/22** | $18446 | $22554 | $18657 |
| **05/22** | $18948 | $22520 | $19020 |
| **06/22** | $17376 | $20634 | $17358 |
| **07/22** | $18392 | $22556 | $18509 |
| **08/22** | $18008 | $21690 | $17957 |
| **09/22** | $16371 | $19683 | $16383 |
| **10/22** | $17949 | $21261 | $18063 |
| **11/22** | $19072 | $22412 | $19191 |
| **12/22** | $18339 | $21108 | $18418 |
| **01/23** | $19320 | $22524 | $19372 |
| **02/23** | $18540 | $21988 | $18689 |
| **03/23** | $18038 | $22683 | $18603 |
| **04/23** | $18511 | $22964 | $18883 |
| **05/23** | $17459 | $23071 | $18155 |
| **06/23** | $18611 | $24629 | $19361 |
| **07/23** | $19356 | $25476 | $20042 |
| **08/23** | $18623 | $25031 | $19501 |
| **09/23** | $18020 | $23854 | $18748 |
| **10/23** | $17660 | $23278 | $18087 |
| **11/23** | $19001 | $25452 | $19451 |
| **12/23** | $20041 | $26708 | $20529 |
| **01/24** | $20006 | $27081 | $20550 |
| **02/24** | $20715 | $28543 | $21308 |
| **03/24** | $21874 | $29458 | $22373 |
| **04/24** | $21170 | $28205 | $21418 |
| **05/24** | $21956 | $29533 | $22097 |
| **06/24** | $21708 | $30510 | $21889 |
| **07/24** | $22453 | $30954 | $23008 |
| **08/24** | $22955 | $31688 | $23625 |
| **09/24** | $23150 | $32366 | $23953 |
| **10/24** | $22878 | $32139 | $23689 |
| **11/24** | $24108 | $34209 | $25202 |
| **12/24** | $22382 | $33255 | $23478 |
| **01/25** | $23410 | $34313 | $24565 |
| **02/25** | $23623 | $33713 | $24665 |
| **03/25** | $23156 | $31762 | $23980 |
| **04/25** | $21874 | $31573 | $23249 |
| **05/25** | $22624 | $33589 | $24065 |
| **06/25** | $23156 | $35290 | $24888 |
| **07/25** | $23002 | $36074 | $25031 |
| **08/25** | $23895 | $36833 | $25829 |
| **09/25** | $24054 | $38110 | $26215 |
| **10/25** | $24108 | $38932 | $26330 |
| **11/25** | $24580 | $39027 | $27030 |
| **12/25** | $25095 | $39030 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 12.12 | 10.15 | 9.64 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to November 2016 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2072858190 |
| **Total number of portfolio holdings** | 81 |
| **Management services fees (represents 0.68% of Fund average net assets)** | $13806059 |
| **Portfolio turnover for the reporting period** | 43% |

---

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| Class 2 **\|** ASR7036_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 22.0% |
| Industrials | 13.6% |
| Health Care | 13.4% |
| Information Technology | 12.2% |
| Energy | 7.7% |
| Communication Services | 7.7% |
| Consumer Staples | 6.7% |
| Utilities | 4.7% |
| Consumer Discretionary | 4.6% |
| Materials | 3.6% |
| Other | 3.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 4.5% |
| Charles Schwab Corp. (The) | 3.0% |
| Bank of America Corp. | 3.0% |
| ConocoPhillips Co. | 2.5% |
| Elevance Health, Inc. | 2.4% |
| Chubb Ltd. | 2.4% |
| CSX Corp. | 2.3% |
| Amazon.com, Inc. | 2.2% |
| Procter & Gamble Co. (The) | 2.2% |
| MetLife, Inc. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Other | 0.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| Class 2 **\|** ASR7036_02_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $83 | 0.82% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the consumer staples and consumer discretionary sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweights to the real estate, health care and energy sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Franco-Nevada, a manager of gold-focused royalties; Expedia Group, a provider of online travel services; MKS Inc., a manufacturer of monitoring and measurement instruments ; BJ's Wholesale Club, an operator of membership warehouse clubs; and Old Republic International, a holding company which engages in the business of insurance underwriting, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, industrials, health care, materials and financials sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| An overweight to the materials sector, an underweight to the communication services sector, and the Fund's cash position, detracted from relative performance during the period.

**Individual holdings** \| Fund positions in Globant, an IT service provider; Westlake Corp., a global diversified industrial company, which engages in the manufacturing and supplying of essential products; Zebra Technologies, a manufacturer of automatic identification and data capture products; and Bath & Body Works, a specialty retailer, were top detractors from relative performance during the period. No exposure to Robinhood Markets, an online retail brokerage firm, also detracted from the Fund's relative performance during the period.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| Class 1 **\|** ASR7038_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g23f46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund Class 1 ($27646)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Value Index ($25421)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9579 | $9436 | $9447 |
| **02/16** | $9638 | $9433 | $9514 |
| **03/16** | $10410 | $10097 | $10392 |
| **04/16** | $10543 | $10159 | $10615 |
| **05/16** | $10953 | $10341 | $10789 |
| **06/16** | $10964 | $10362 | $10887 |
| **07/16** | $11283 | $10774 | $11348 |
| **08/16** | $11432 | $10801 | $11324 |
| **09/16** | $11475 | $10818 | $11372 |
| **10/16** | $11161 | $10584 | $11096 |
| **11/16** | $11975 | $11058 | $11790 |
| **12/16** | $12077 | $11274 | $12000 |
| **01/17** | $12322 | $11486 | $12202 |
| **02/17** | $12700 | $11913 | $12542 |
| **03/17** | $12700 | $11921 | $12451 |
| **04/17** | $12657 | $12047 | $12475 |
| **05/17** | $12614 | $12171 | $12436 |
| **06/17** | $12726 | $12280 | $12621 |
| **07/17** | $12961 | $12512 | $12788 |
| **08/17** | $12801 | $12536 | $12549 |
| **09/17** | $13232 | $12842 | $12892 |
| **10/17** | $13440 | $13122 | $12995 |
| **11/17** | $13850 | $13521 | $13435 |
| **12/17** | $13988 | $13656 | $13601 |
| **01/18** | $14430 | $14375 | $13913 |
| **02/18** | $13930 | $13846 | $13228 |
| **03/18** | $13845 | $13568 | $13261 |
| **04/18** | $13903 | $13619 | $13326 |
| **05/18** | $14020 | $14004 | $13471 |
| **06/18** | $14180 | $14095 | $13580 |
| **07/18** | $14707 | $14563 | $13949 |
| **08/18** | $14904 | $15074 | $14139 |
| **09/18** | $14856 | $15099 | $14027 |
| **10/18** | $13743 | $13988 | $13017 |
| **11/18** | $13999 | $14268 | $13329 |
| **12/18** | $12593 | $12940 | $11930 |
| **01/19** | $13743 | $14051 | $13158 |
| **02/19** | $14239 | $14545 | $13576 |
| **03/19** | $14286 | $14757 | $13644 |
| **04/19** | $14904 | $15346 | $14094 |
| **05/19** | $13972 | $14353 | $13189 |
| **06/19** | $14947 | $15361 | $14080 |
| **07/19** | $15101 | $15590 | $14197 |
| **08/19** | $14691 | $15272 | $13696 |
| **09/19** | $15250 | $15540 | $14252 |
| **10/19** | $15357 | $15874 | $14328 |
| **11/19** | $15756 | $16478 | $14710 |
| **12/19** | $16145 | $16954 | $15158 |
| **01/20** | $15740 | $16935 | $14863 |
| **02/20** | $14196 | $15549 | $13391 |
| **03/20** | $11432 | $13410 | $10352 |
| **04/20** | $12929 | $15187 | $11734 |
| **05/20** | $13610 | $15999 | $12278 |
| **06/20** | $13759 | $16364 | $12416 |
| **07/20** | $14217 | $17294 | $13003 |
| **08/20** | $14771 | $18546 | $13518 |
| **09/20** | $14483 | $17871 | $13211 |
| **10/20** | $14611 | $17485 | $13334 |
| **11/20** | $16661 | $19613 | $15207 |
| **12/20** | $17444 | $20495 | $15910 |
| **01/21** | $17412 | $20404 | $15874 |
| **02/21** | $19148 | $21042 | $17104 |
| **03/21** | $20341 | $21796 | $17987 |
| **04/21** | $21518 | $22919 | $18857 |
| **05/21** | $21981 | $23024 | $19229 |
| **06/21** | $21459 | $23592 | $19005 |
| **07/21** | $21810 | $23991 | $19123 |
| **08/21** | $22300 | $24675 | $19532 |
| **09/21** | $21299 | $23568 | $18813 |
| **10/21** | $22268 | $25161 | $19815 |
| **11/21** | $21528 | $24778 | $19213 |
| **12/21** | $23009 | $25754 | $20419 |
| **01/22** | $22306 | $24239 | $19547 |
| **02/22** | $22444 | $23628 | $19456 |
| **03/22** | $23099 | $24395 | $20047 |
| **04/22** | $22338 | $22206 | $18856 |
| **05/22** | $22689 | $22176 | $19218 |
| **06/22** | $20479 | $20321 | $17105 |
| **07/22** | $22215 | $22227 | $18578 |
| **08/22** | $21512 | $21397 | $18009 |
| **09/22** | $19782 | $19413 | $16262 |
| **10/22** | $21912 | $21005 | $17798 |
| **11/22** | $23221 | $22102 | $18924 |
| **12/22** | $22375 | $20808 | $17962 |
| **01/23** | $23850 | $22241 | $19413 |
| **02/23** | $23349 | $21721 | $18791 |
| **03/23** | $22737 | $22302 | $18199 |
| **04/23** | $22657 | $22539 | $18201 |
| **05/23** | $21539 | $22627 | $17393 |
| **06/23** | $23211 | $24172 | $18902 |
| **07/23** | $24111 | $25039 | $19725 |
| **08/23** | $23376 | $24555 | $19027 |
| **09/23** | $22263 | $23386 | $18059 |
| **10/23** | $21496 | $22766 | $17164 |
| **11/23** | $23232 | $24888 | $18783 |
| **12/23** | $24595 | $26209 | $20246 |
| **01/24** | $24436 | $26499 | $19883 |
| **02/24** | $25463 | $27933 | $20833 |
| **03/24** | $26837 | $28835 | $21911 |
| **04/24** | $25479 | $27566 | $20765 |
| **05/24** | $26139 | $28868 | $21510 |
| **06/24** | $25724 | $29762 | $21166 |
| **07/24** | $27119 | $30315 | $22445 |
| **08/24** | $27673 | $30975 | $22868 |
| **09/24** | $28062 | $31616 | $23299 |
| **10/24** | $27380 | $31384 | $23006 |
| **11/24** | $29004 | $33471 | $24699 |
| **12/24** | $27029 | $32448 | $22892 |
| **01/25** | $28019 | $33473 | $23697 |
| **02/25** | $27476 | $32831 | $23265 |
| **03/25** | $26416 | $30916 | $22409 |
| **04/25** | $25527 | $30709 | $21853 |
| **05/25** | $26315 | $32655 | $22806 |
| **06/25** | $26826 | $34314 | $23607 |
| **07/25** | $27231 | $35070 | $24030 |
| **08/25** | $27769 | $35881 | $24751 |
| **09/25** | $27780 | $37120 | $25066 |
| **10/25** | $26832 | $37915 | $24814 |
| **11/25** | $27721 | $38019 | $25406 |
| **12/25** | $27646 | $38012 | $25421 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 2.29 | 9.65 | 10.70 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Value Index | 11.05 | 9.83 | 9.78 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $393504408 |
| **Total number of portfolio holdings** | 73 |
| **Management services fees (represents 0.77% of Fund average net assets)** | $3387520 |
| **Portfolio turnover for the reporting period** | 58% |

---

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| Class 1 **\|** ASR7038_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 13.0% |
| Consumer Discretionary | 11.8% |
| Materials | 10.1% |
| Information Technology | 9.9% |
| Health Care | 8.2% |
| Consumer Staples | 7.1% |
| Real Estate | 6.5% |
| Energy | 5.9% |
| Utilities | 5.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4% |
| Packaging Corp. of America | 2.1% |
| Labcorp Holdings, Inc. | 1.9% |
| Hologic, Inc. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Expedia Group, Inc. | 1.8% |
| Lincoln Electric Holdings, Inc. | 1.8% |
| Lamar Advertising Co., Class A | 1.8% |
| Keysight Technologies, Inc. | 1.8% |
| Hartford Insurance Group, Inc. (The) | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 96.8% |
| Money Market Funds | 3.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| Class 1 **\|** ASR7038_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $108 | 1.07% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the consumer staples and consumer discretionary sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweights to the real estate, health care and energy sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Franco-Nevada, a manager of gold-focused royalties; Expedia Group, a provider of online travel services; MKS Inc., a manufacturer of monitoring and measurement instruments ; BJ's Wholesale Club, an operator of membership warehouse clubs; and Old Republic International, a holding company which engages in the business of insurance underwriting, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, industrials, health care, materials and financials sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| An overweight to the materials sector, an underweight to the communication services sector, and the Fund's cash position, detracted from relative performance during the period.

**Individual holdings** \| Fund positions in Globant, an IT service provider; Westlake Corp., a global diversified industrial company, which engages in the manufacturing and supplying of essential products; Zebra Technologies, a manufacturer of automatic identification and data capture products; and Bath & Body Works, a specialty retailer, were top detractors from relative performance during the period. No exposure to Robinhood Markets, an online retail brokerage firm, also detracted from the Fund's relative performance during the period.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| Class 2 **\|** ASR7038_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g75l43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund Class 2 ($26971)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Value Index ($25421)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9579 | $9436 | $9447 |
| **02/16** | $9638 | $9433 | $9514 |
| **03/16** | $10410 | $10097 | $10392 |
| **04/16** | $10535 | $10159 | $10615 |
| **05/16** | $10945 | $10341 | $10789 |
| **06/16** | $10956 | $10362 | $10887 |
| **07/16** | $11269 | $10774 | $11348 |
| **08/16** | $11420 | $10801 | $11324 |
| **09/16** | $11458 | $10818 | $11372 |
| **10/16** | $11139 | $10584 | $11096 |
| **11/16** | $11955 | $11058 | $11790 |
| **12/16** | $12052 | $11274 | $12000 |
| **01/17** | $12289 | $11486 | $12202 |
| **02/17** | $12667 | $11913 | $12542 |
| **03/17** | $12662 | $11921 | $12451 |
| **04/17** | $12619 | $12047 | $12475 |
| **05/17** | $12576 | $12171 | $12436 |
| **06/17** | $12684 | $12280 | $12621 |
| **07/17** | $12916 | $12512 | $12788 |
| **08/17** | $12748 | $12536 | $12549 |
| **09/17** | $13175 | $12842 | $12892 |
| **10/17** | $13386 | $13122 | $12995 |
| **11/17** | $13791 | $13521 | $13435 |
| **12/17** | $13925 | $13656 | $13601 |
| **01/18** | $14363 | $14375 | $13913 |
| **02/18** | $13861 | $13846 | $13228 |
| **03/18** | $13769 | $13568 | $13261 |
| **04/18** | $13828 | $13619 | $13326 |
| **05/18** | $13936 | $14004 | $13471 |
| **06/18** | $14098 | $14095 | $13580 |
| **07/18** | $14622 | $14563 | $13949 |
| **08/18** | $14806 | $15074 | $14139 |
| **09/18** | $14757 | $15099 | $14027 |
| **10/18** | $13650 | $13988 | $13017 |
| **11/18** | $13898 | $14268 | $13329 |
| **12/18** | $12505 | $12940 | $11930 |
| **01/19** | $13639 | $14051 | $13158 |
| **02/19** | $14131 | $14545 | $13576 |
| **03/19** | $14179 | $14757 | $13644 |
| **04/19** | $14789 | $15346 | $14094 |
| **05/19** | $13855 | $14353 | $13189 |
| **06/19** | $14822 | $15361 | $14080 |
| **07/19** | $14973 | $15590 | $14197 |
| **08/19** | $14563 | $15272 | $13696 |
| **09/19** | $15113 | $15540 | $14252 |
| **10/19** | $15216 | $15874 | $14328 |
| **11/19** | $15610 | $16478 | $14710 |
| **12/19** | $15988 | $16954 | $15158 |
| **01/20** | $15589 | $16935 | $14863 |
| **02/20** | $14055 | $15549 | $13391 |
| **03/20** | $11317 | $13410 | $10352 |
| **04/20** | $12792 | $15187 | $11734 |
| **05/20** | $13461 | $15999 | $12278 |
| **06/20** | $13612 | $16364 | $12416 |
| **07/20** | $14060 | $17294 | $13003 |
| **08/20** | $14606 | $18546 | $13518 |
| **09/20** | $14314 | $17871 | $13211 |
| **10/20** | $14438 | $17485 | $13334 |
| **11/20** | $16463 | $19613 | $15207 |
| **12/20** | $17235 | $20495 | $15910 |
| **01/21** | $17198 | $20404 | $15874 |
| **02/21** | $18909 | $21042 | $17104 |
| **03/21** | $20086 | $21796 | $17987 |
| **04/21** | $21242 | $22919 | $18857 |
| **05/21** | $21695 | $23024 | $19229 |
| **06/21** | $21177 | $23592 | $19005 |
| **07/21** | $21517 | $23991 | $19123 |
| **08/21** | $21992 | $24675 | $19532 |
| **09/21** | $21004 | $23568 | $18813 |
| **10/21** | $21955 | $25161 | $19815 |
| **11/21** | $21220 | $24778 | $19213 |
| **12/21** | $22673 | $25754 | $20419 |
| **01/22** | $21976 | $24239 | $19547 |
| **02/22** | $22111 | $23628 | $19456 |
| **03/22** | $22748 | $24395 | $20047 |
| **04/22** | $21998 | $22206 | $18856 |
| **05/22** | $22338 | $22176 | $19218 |
| **06/22** | $20157 | $20321 | $17105 |
| **07/22** | $21857 | $22227 | $18578 |
| **08/22** | $21166 | $21397 | $18009 |
| **09/22** | $19455 | $19413 | $16262 |
| **10/22** | $21550 | $21005 | $17798 |
| **11/22** | $22829 | $22102 | $18924 |
| **12/22** | $21992 | $20808 | $17962 |
| **01/23** | $23440 | $22241 | $19413 |
| **02/23** | $22943 | $21721 | $18791 |
| **03/23** | $22333 | $22302 | $18199 |
| **04/23** | $22257 | $22539 | $18201 |
| **05/23** | $21156 | $22627 | $17393 |
| **06/23** | $22792 | $24172 | $18902 |
| **07/23** | $23666 | $25039 | $19725 |
| **08/23** | $22943 | $24555 | $19027 |
| **09/23** | $21841 | $23386 | $18059 |
| **10/23** | $21091 | $22766 | $17164 |
| **11/23** | $22781 | $24888 | $18783 |
| **12/23** | $24120 | $26209 | $20246 |
| **01/24** | $23958 | $26499 | $19883 |
| **02/24** | $24962 | $27933 | $20833 |
| **03/24** | $26301 | $28835 | $21911 |
| **04/24** | $24962 | $27566 | $20765 |
| **05/24** | $25605 | $28868 | $21510 |
| **06/24** | $25189 | $29762 | $21166 |
| **07/24** | $26550 | $30315 | $22445 |
| **08/24** | $27095 | $30975 | $22868 |
| **09/24** | $27468 | $31616 | $23299 |
| **10/24** | $26793 | $31384 | $23006 |
| **11/24** | $28375 | $33471 | $24699 |
| **12/24** | $26442 | $32448 | $22892 |
| **01/25** | $27403 | $33473 | $23697 |
| **02/25** | $26863 | $32831 | $23265 |
| **03/25** | $25821 | $30916 | $22409 |
| **04/25** | $24946 | $30709 | $21853 |
| **05/25** | $25713 | $32655 | $22806 |
| **06/25** | $26210 | $34314 | $23607 |
| **07/25** | $26593 | $35070 | $24030 |
| **08/25** | $27117 | $35881 | $24751 |
| **09/25** | $27117 | $37120 | $25066 |
| **10/25** | $26188 | $37915 | $24814 |
| **11/25** | $27052 | $38019 | $25406 |
| **12/25** | $26971 | $38012 | $25421 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 2.00 | 9.37 | 10.43 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Value Index | 11.05 | 9.83 | 9.78 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $393504408 |
| **Total number of portfolio holdings** | 73 |
| **Management services fees (represents 0.77% of Fund average net assets)** | $3387520 |
| **Portfolio turnover for the reporting period** | 58% |

---

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| Class 2 **\|** ASR7038_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 13.0% |
| Consumer Discretionary | 11.8% |
| Materials | 10.1% |
| Information Technology | 9.9% |
| Health Care | 8.2% |
| Consumer Staples | 7.1% |
| Real Estate | 6.5% |
| Energy | 5.9% |
| Utilities | 5.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4% |
| Packaging Corp. of America | 2.1% |
| Labcorp Holdings, Inc. | 1.9% |
| Hologic, Inc. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Expedia Group, Inc. | 1.8% |
| Lincoln Electric Holdings, Inc. | 1.8% |
| Lamar Advertising Co., Class A | 1.8% |
| Keysight Technologies, Inc. | 1.8% |
| Hartford Insurance Group, Inc. (The) | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 96.8% |
| Money Market Funds | 3.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| Class 2 **\|** ASR7038_02_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $96 | 0.95% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the consumer staples and consumer discretionary sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweights to the real estate, health care and energy sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Franco-Nevada, a manager of gold-focused royalties; Expedia Group, a provider of online travel services; MKS Inc., a manufacturer of monitoring and measurement instruments ; BJ's Wholesale Club, an operator of membership warehouse clubs; and Old Republic International, a holding company which engages in the business of insurance underwriting, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, industrials, health care, materials and financials sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| An overweight to the materials sector, an underweight to the communication services sector, and the Fund's cash position, detracted from relative performance during the period.

**Individual holdings** \| Fund positions in Globant, an IT service provider; Westlake Corp., a global diversified industrial company, which engages in the manufacturing and supplying of essential products; Zebra Technologies, a manufacturer of automatic identification and data capture products; and Bath & Body Works, a specialty retailer, were top detractors from relative performance during the period. No exposure to Robinhood Markets, an online retail brokerage firm, also detracted from the Fund's relative performance during the period.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| Class 3 **\|** ASR7038_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g36i40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund Class 3 ($27304)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Value Index ($25421)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9577 | $9436 | $9447 |
| **02/16** | $9636 | $9433 | $9514 |
| **03/16** | $10413 | $10097 | $10392 |
| **04/16** | $10541 | $10159 | $10615 |
| **05/16** | $10949 | $10341 | $10789 |
| **06/16** | $10959 | $10362 | $10887 |
| **07/16** | $11275 | $10774 | $11348 |
| **08/16** | $11426 | $10801 | $11324 |
| **09/16** | $11463 | $10818 | $11372 |
| **10/16** | $11147 | $10584 | $11096 |
| **11/16** | $11967 | $11058 | $11790 |
| **12/16** | $12063 | $11274 | $12000 |
| **01/17** | $12304 | $11486 | $12202 |
| **02/17** | $12685 | $11913 | $12542 |
| **03/17** | $12680 | $11921 | $12451 |
| **04/17** | $12637 | $12047 | $12475 |
| **05/17** | $12594 | $12171 | $12436 |
| **06/17** | $12706 | $12280 | $12621 |
| **07/17** | $12937 | $12512 | $12788 |
| **08/17** | $12776 | $12536 | $12549 |
| **09/17** | $13205 | $12842 | $12892 |
| **10/17** | $13414 | $13122 | $12995 |
| **11/17** | $13821 | $13521 | $13435 |
| **12/17** | $13960 | $13656 | $13601 |
| **01/18** | $14400 | $14375 | $13913 |
| **02/18** | $13896 | $13846 | $13228 |
| **03/18** | $13805 | $13568 | $13261 |
| **04/18** | $13869 | $13619 | $13326 |
| **05/18** | $13976 | $14004 | $13471 |
| **06/18** | $14137 | $14095 | $13580 |
| **07/18** | $14662 | $14563 | $13949 |
| **08/18** | $14855 | $15074 | $14139 |
| **09/18** | $14807 | $15099 | $14027 |
| **10/18** | $13698 | $13988 | $13017 |
| **11/18** | $13950 | $14268 | $13329 |
| **12/18** | $12551 | $12940 | $11930 |
| **01/19** | $13692 | $14051 | $13158 |
| **02/19** | $14185 | $14545 | $13576 |
| **03/19** | $14234 | $14757 | $13644 |
| **04/19** | $14845 | $15346 | $14094 |
| **05/19** | $13912 | $14353 | $13189 |
| **06/19** | $14887 | $15361 | $14080 |
| **07/19** | $15038 | $15590 | $14197 |
| **08/19** | $14625 | $15272 | $13696 |
| **09/19** | $15182 | $15540 | $14252 |
| **10/19** | $15284 | $15874 | $14328 |
| **11/19** | $15686 | $16478 | $14710 |
| **12/19** | $16066 | $16954 | $15158 |
| **01/20** | $15665 | $16935 | $14863 |
| **02/20** | $14126 | $15549 | $13391 |
| **03/20** | $11377 | $13410 | $10352 |
| **04/20** | $12862 | $15187 | $11734 |
| **05/20** | $13537 | $15999 | $12278 |
| **06/20** | $13687 | $16364 | $12416 |
| **07/20** | $14137 | $17294 | $13003 |
| **08/20** | $14689 | $18546 | $13518 |
| **09/20** | $14400 | $17871 | $13211 |
| **10/20** | $14523 | $17485 | $13334 |
| **11/20** | $16559 | $19613 | $15207 |
| **12/20** | $17337 | $20495 | $15910 |
| **01/21** | $17304 | $20404 | $15874 |
| **02/21** | $19030 | $21042 | $17104 |
| **03/21** | $20214 | $21796 | $17987 |
| **04/21** | $21377 | $22919 | $18857 |
| **05/21** | $21838 | $23024 | $19229 |
| **06/21** | $21318 | $23592 | $19005 |
| **07/21** | $21661 | $23991 | $19123 |
| **08/21** | $22144 | $24675 | $19532 |
| **09/21** | $21152 | $23568 | $18813 |
| **10/21** | $22111 | $25161 | $19815 |
| **11/21** | $21372 | $24778 | $19213 |
| **12/21** | $22840 | $25754 | $20419 |
| **01/22** | $22138 | $24239 | $19547 |
| **02/22** | $22278 | $23628 | $19456 |
| **03/22** | $22926 | $24395 | $20047 |
| **04/22** | $22165 | $22206 | $18856 |
| **05/22** | $22513 | $22176 | $19218 |
| **06/22** | $20316 | $20321 | $17105 |
| **07/22** | $22036 | $22227 | $18578 |
| **08/22** | $21340 | $21397 | $18009 |
| **09/22** | $19620 | $19413 | $16262 |
| **10/22** | $21731 | $21005 | $17798 |
| **11/22** | $23023 | $22102 | $18924 |
| **12/22** | $22181 | $20808 | $17962 |
| **01/23** | $23644 | $22241 | $19413 |
| **02/23** | $23146 | $21721 | $18791 |
| **03/23** | $22535 | $22302 | $18199 |
| **04/23** | $22454 | $22539 | $18201 |
| **05/23** | $21345 | $22627 | $17393 |
| **06/23** | $23001 | $24172 | $18902 |
| **07/23** | $23891 | $25039 | $19725 |
| **08/23** | $23156 | $24555 | $19027 |
| **09/23** | $22053 | $23386 | $18059 |
| **10/23** | $21292 | $22766 | $17164 |
| **11/23** | $23006 | $24888 | $18783 |
| **12/23** | $24357 | $26209 | $20246 |
| **01/24** | $24196 | $26499 | $19883 |
| **02/24** | $25209 | $27933 | $20833 |
| **03/24** | $26565 | $28835 | $21911 |
| **04/24** | $25220 | $27566 | $20765 |
| **05/24** | $25868 | $28868 | $21510 |
| **06/24** | $25456 | $29762 | $21166 |
| **07/24** | $26833 | $30315 | $22445 |
| **08/24** | $27385 | $30975 | $22868 |
| **09/24** | $27765 | $31616 | $23299 |
| **10/24** | $27085 | $31384 | $23006 |
| **11/24** | $28687 | $33471 | $24699 |
| **12/24** | $26736 | $32448 | $22892 |
| **01/25** | $27712 | $33473 | $23697 |
| **02/25** | $27170 | $32831 | $23265 |
| **03/25** | $26115 | $30916 | $22409 |
| **04/25** | $25236 | $30709 | $21853 |
| **05/25** | $26008 | $32655 | $22806 |
| **06/25** | $26517 | $34314 | $23607 |
| **07/25** | $26908 | $35070 | $24030 |
| **08/25** | $27444 | $35881 | $24751 |
| **09/25** | $27449 | $37120 | $25066 |
| **10/25** | $26511 | $37915 | $24814 |
| **11/25** | $27385 | $38019 | $25406 |
| **12/25** | $27304 | $38012 | $25421 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 2.12 | 9.51 | 10.57 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Value Index | 11.05 | 9.83 | 9.78 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $393504408 |
| **Total number of portfolio holdings** | 73 |
| **Management services fees (represents 0.77% of Fund average net assets)** | $3387520 |
| **Portfolio turnover for the reporting period** | 58% |

---

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| Class 3 **\|** ASR7038_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 13.0% |
| Consumer Discretionary | 11.8% |
| Materials | 10.1% |
| Information Technology | 9.9% |
| Health Care | 8.2% |
| Consumer Staples | 7.1% |
| Real Estate | 6.5% |
| Energy | 5.9% |
| Utilities | 5.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4% |
| Packaging Corp. of America | 2.1% |
| Labcorp Holdings, Inc. | 1.9% |
| Hologic, Inc. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Expedia Group, Inc. | 1.8% |
| Lincoln Electric Holdings, Inc. | 1.8% |
| Lamar Advertising Co., Class A | 1.8% |
| Keysight Technologies, Inc. | 1.8% |
| Hartford Insurance Group, Inc. (The) | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 96.8% |
| Money Market Funds | 3.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| Class 3 **\|** ASR7038_03_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Wellington Large Cap Value Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Wellington Large Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $67 | 0.61% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the communication services, health care, financials, consumer discretionary and industrials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweights to the information technology and utilities sectors and underweights to the consumer staples and consumer discretionary sectors positively impacted relative performance.

**Individual holdings** \| Positions in Alphabet, a diversified internet technology company; Progressive, a provider of personal and commercial insurance; Micron Technologies, a provider of memory and storage solutions; Cigna, a global health services company; and McKesson, a health care services company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, consumer staples and energy sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the industrials and communication services sectors, as well as holding cash, detracted from relative performance.

**Individual holdings** \| Fund positions in Philip Morris, a tobacco and smoke-free products provider; Unilever, a consumer goods provider; Roper Technology, a diversified packaged software company; Intercontinental Exchange, a provider of financial market infrastructure, data services and technology solutions; and Keurig Dr Pepper, a non-alcoholic beverages company, were among the top detractors from the Fund's relative performance.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| Class 1 **\|** ASR7034_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g57n29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Wellington Large Cap Value Fund Class 1 ($27663)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9592 | $9462 | $9483 |
| **02/16** | $9608 | $9459 | $9481 |
| **03/16** | $10220 | $10117 | $10164 |
| **04/16** | $10473 | $10172 | $10377 |
| **05/16** | $10650 | $10351 | $10539 |
| **06/16** | $10672 | $10374 | $10630 |
| **07/16** | $10994 | $10769 | $10938 |
| **08/16** | $11059 | $10783 | $11023 |
| **09/16** | $10919 | $10792 | $11000 |
| **10/16** | $10715 | $10582 | $10829 |
| **11/16** | $11231 | $10999 | $11448 |
| **12/16** | $11402 | $11205 | $11734 |
| **01/17** | $11537 | $11431 | $11818 |
| **02/17** | $11999 | $11873 | $12242 |
| **03/17** | $11945 | $11881 | $12118 |
| **04/17** | $11988 | $12006 | $12095 |
| **05/17** | $12149 | $12160 | $12083 |
| **06/17** | $12434 | $12244 | $12281 |
| **07/17** | $12499 | $12487 | $12444 |
| **08/17** | $12418 | $12526 | $12299 |
| **09/17** | $12773 | $12793 | $12663 |
| **10/17** | $12929 | $13086 | $12755 |
| **11/17** | $13251 | $13485 | $13146 |
| **12/17** | $13412 | $13636 | $13337 |
| **01/18** | $14046 | $14384 | $13853 |
| **02/18** | $13375 | $13856 | $13192 |
| **03/18** | $12998 | $13541 | $12960 |
| **04/18** | $12880 | $13587 | $13002 |
| **05/18** | $12875 | $13934 | $13080 |
| **06/18** | $12918 | $14024 | $13112 |
| **07/18** | $13563 | $14508 | $13631 |
| **08/18** | $13611 | $15008 | $13832 |
| **09/18** | $13654 | $15065 | $13860 |
| **10/18** | $12982 | $13999 | $13142 |
| **11/18** | $13434 | $14284 | $13534 |
| **12/18** | $12069 | $12983 | $12235 |
| **01/19** | $13025 | $14071 | $13187 |
| **02/19** | $13509 | $14548 | $13608 |
| **03/19** | $13616 | $14801 | $13695 |
| **04/19** | $14186 | $15399 | $14181 |
| **05/19** | $13423 | $14417 | $13269 |
| **06/19** | $14299 | $15430 | $14221 |
| **07/19** | $14567 | $15669 | $14339 |
| **08/19** | $14288 | $15382 | $13918 |
| **09/19** | $14637 | $15649 | $14414 |
| **10/19** | $14761 | $15980 | $14616 |
| **11/19** | $15245 | $16584 | $15068 |
| **12/19** | $15669 | $17063 | $15482 |
| **01/20** | $15416 | $17082 | $15149 |
| **02/20** | $13976 | $15686 | $13682 |
| **03/20** | $11897 | $13613 | $11344 |
| **04/20** | $13197 | $15412 | $12619 |
| **05/20** | $13702 | $16225 | $13051 |
| **06/20** | $13622 | $16584 | $12965 |
| **07/20** | $14159 | $17555 | $13477 |
| **08/20** | $14686 | $18843 | $14035 |
| **09/20** | $14417 | $18155 | $13690 |
| **10/20** | $14132 | $17717 | $13510 |
| **11/20** | $15776 | $19803 | $15327 |
| **12/20** | $16228 | $20640 | $15915 |
| **01/21** | $15932 | $20470 | $15769 |
| **02/21** | $16556 | $21064 | $16722 |
| **03/21** | $17636 | $21861 | $17706 |
| **04/21** | $18420 | $23037 | $18414 |
| **05/21** | $18888 | $23147 | $18844 |
| **06/21** | $18635 | $23727 | $18628 |
| **07/21** | $19076 | $24220 | $18777 |
| **08/21** | $19554 | $24921 | $19150 |
| **09/21** | $18753 | $23776 | $18483 |
| **10/21** | $19807 | $25426 | $19422 |
| **11/21** | $19210 | $25085 | $18737 |
| **12/21** | $20355 | $26101 | $19919 |
| **01/22** | $19667 | $24629 | $19455 |
| **02/22** | $19119 | $23953 | $19229 |
| **03/22** | $19602 | $24762 | $19772 |
| **04/22** | $18544 | $22554 | $18657 |
| **05/22** | $19103 | $22520 | $19020 |
| **06/22** | $17652 | $20634 | $17358 |
| **07/22** | $18775 | $22556 | $18509 |
| **08/22** | $18281 | $21690 | $17957 |
| **09/22** | $16840 | $19683 | $16383 |
| **10/22** | $18495 | $21261 | $18063 |
| **11/22** | $19753 | $22412 | $19191 |
| **12/22** | $19113 | $21108 | $18418 |
| **01/23** | $19683 | $22524 | $19372 |
| **02/23** | $18909 | $21988 | $18689 |
| **03/23** | $18845 | $22683 | $18603 |
| **04/23** | $19173 | $22964 | $18883 |
| **05/23** | $18409 | $23071 | $18155 |
| **06/23** | $19506 | $24629 | $19361 |
| **07/23** | $20011 | $25476 | $20042 |
| **08/23** | $19570 | $25031 | $19501 |
| **09/23** | $18872 | $23854 | $18748 |
| **10/23** | $18517 | $23278 | $18087 |
| **11/23** | $19715 | $25452 | $19451 |
| **12/23** | $20650 | $26708 | $20529 |
| **01/24** | $20768 | $27081 | $20550 |
| **02/24** | $21494 | $28543 | $21308 |
| **03/24** | $22461 | $29458 | $22373 |
| **04/24** | $21612 | $28205 | $21418 |
| **05/24** | $22241 | $29533 | $22097 |
| **06/24** | $21983 | $30510 | $21889 |
| **07/24** | $23138 | $30954 | $23008 |
| **08/24** | $23880 | $31688 | $23625 |
| **09/24** | $23821 | $32366 | $23953 |
| **10/24** | $23498 | $32139 | $23689 |
| **11/24** | $24637 | $34209 | $25202 |
| **12/24** | $23068 | $33255 | $23478 |
| **01/25** | $24025 | $34313 | $24565 |
| **02/25** | $24481 | $33713 | $24665 |
| **03/25** | $23971 | $31762 | $23980 |
| **04/25** | $23337 | $31573 | $23249 |
| **05/25** | $24089 | $33589 | $24065 |
| **06/25** | $24944 | $35290 | $24888 |
| **07/25** | $24621 | $36074 | $25031 |
| **08/25** | $25572 | $36833 | $25829 |
| **09/25** | $26239 | $38110 | $26215 |
| **10/25** | $26695 | $38932 | $26330 |
| **11/25** | $27378 | $39027 | $27030 |
| **12/25** | $27663 | $39030 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 19.92 | 11.26 | 10.71 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2025 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1029534807 |
| **Total number of portfolio holdings** | 70 |
| **Management services fees (represents 0.71% of Fund average net assets)** | $7174242 |
| **Portfolio turnover for the reporting period** | 119% |

---

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| Class 1 **\|** ASR7034_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 18.9% |
| Financials | 18.8% |
| Health Care | 13.4% |
| Industrials | 11.8% |
| Communication Services | 8.5% |
| Consumer Staples | 6.8% |
| Consumer Discretionary | 6.1% |
| Energy | 5.5% |
| Utilities | 4.4% |
| Real Estate | 3.0% |
| Other | 2.3% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 6.0% |
| Microsoft Corp. | 3.7% |
| Cisco Systems, Inc. | 2.8% |
| Bank of America Corp. | 2.6% |
| QUALCOMM, Inc. | 2.5% |
| Philip Morris International, Inc. | 2.3% |
| NXP Semiconductors NV | 2.3% |
| S&P Global, Inc. | 2.2% |
| Wells Fargo & Co. | 2.1% |
| Merck & Co., Inc. | 2.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.5% |
| Other | 0.5% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

Effective May 1, 2025 (the Effective Date), the Fund changed its name from CTIVP<sup>®</sup> - MFS<sup>®</sup> Value Fund to CTIVP<sup>®</sup> - Wellington Large Cap Value Fund. Also, as of the Effective Date, Massachusetts Financial Services Company no longer serves as subadviser to the Fund and Wellington Management Company LLP (Wellington) assumed day-to-day management of the Fund's portfolio. Accordingly, on the Effective Date, the Fund's principal investment strategies and principal risks were revised to reflect Wellington's investment strategy and process.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| Class 1 **\|** ASR7034_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Wellington Large Cap Value Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Wellington Large Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $94 | 0.86% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the communication services, health care, financials, consumer discretionary and industrials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweights to the information technology and utilities sectors and underweights to the consumer staples and consumer discretionary sectors positively impacted relative performance.

**Individual holdings** \| Positions in Alphabet, a diversified internet technology company; Progressive, a provider of personal and commercial insurance; Micron Technologies, a provider of memory and storage solutions; Cigna, a global health services company; and McKesson, a health care services company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, consumer staples and energy sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the industrials and communication services sectors, as well as holding cash, detracted from relative performance.

**Individual holdings** \| Fund positions in Philip Morris, a tobacco and smoke-free products provider; Unilever, a consumer goods provider; Roper Technology, a diversified packaged software company; Intercontinental Exchange, a provider of financial market infrastructure, data services and technology solutions; and Keurig Dr Pepper, a non-alcoholic beverages company, were among the top detractors from the Fund's relative performance.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| Class 2 **\|** ASR7034_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g13i77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Wellington Large Cap Value Fund Class 2 ($26977)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9586 | $9462 | $9483 |
| **02/16** | $9602 | $9459 | $9481 |
| **03/16** | $10212 | $10117 | $10164 |
| **04/16** | $10463 | $10172 | $10377 |
| **05/16** | $10637 | $10351 | $10539 |
| **06/16** | $10659 | $10374 | $10630 |
| **07/16** | $10975 | $10769 | $10938 |
| **08/16** | $11040 | $10783 | $11023 |
| **09/16** | $10899 | $10792 | $11000 |
| **10/16** | $10692 | $10582 | $10829 |
| **11/16** | $11204 | $10999 | $11448 |
| **12/16** | $11373 | $11205 | $11734 |
| **01/17** | $11503 | $11431 | $11818 |
| **02/17** | $11961 | $11873 | $12242 |
| **03/17** | $11906 | $11881 | $12118 |
| **04/17** | $11944 | $12006 | $12095 |
| **05/17** | $12108 | $12160 | $12083 |
| **06/17** | $12386 | $12244 | $12281 |
| **07/17** | $12451 | $12487 | $12444 |
| **08/17** | $12364 | $12526 | $12299 |
| **09/17** | $12718 | $12793 | $12663 |
| **10/17** | $12870 | $13086 | $12755 |
| **11/17** | $13186 | $13485 | $13146 |
| **12/17** | $13344 | $13636 | $13337 |
| **01/18** | $13976 | $14384 | $13853 |
| **02/18** | $13301 | $13856 | $13192 |
| **03/18** | $12925 | $13541 | $12960 |
| **04/18** | $12805 | $13587 | $13002 |
| **05/18** | $12800 | $13934 | $13080 |
| **06/18** | $12838 | $14024 | $13112 |
| **07/18** | $13475 | $14508 | $13631 |
| **08/18** | $13524 | $15008 | $13832 |
| **09/18** | $13557 | $15065 | $13860 |
| **10/18** | $12892 | $13999 | $13142 |
| **11/18** | $13339 | $14284 | $13534 |
| **12/18** | $11977 | $12983 | $12235 |
| **01/19** | $12925 | $14071 | $13187 |
| **02/19** | $13399 | $14548 | $13608 |
| **03/19** | $13508 | $14801 | $13695 |
| **04/19** | $14069 | $15399 | $14181 |
| **05/19** | $13312 | $14417 | $13269 |
| **06/19** | $14172 | $15430 | $14221 |
| **07/19** | $14439 | $15669 | $14339 |
| **08/19** | $14156 | $15382 | $13918 |
| **09/19** | $14504 | $15649 | $14414 |
| **10/19** | $14619 | $15980 | $14616 |
| **11/19** | $15093 | $16584 | $15068 |
| **12/19** | $15512 | $17063 | $15482 |
| **01/20** | $15256 | $17082 | $15149 |
| **02/20** | $13834 | $15686 | $13682 |
| **03/20** | $11770 | $13613 | $11344 |
| **04/20** | $13056 | $15412 | $12619 |
| **05/20** | $13551 | $16225 | $13051 |
| **06/20** | $13469 | $16584 | $12965 |
| **07/20** | $13998 | $17555 | $13477 |
| **08/20** | $14515 | $18843 | $14035 |
| **09/20** | $14243 | $18155 | $13690 |
| **10/20** | $13960 | $17717 | $13510 |
| **11/20** | $15583 | $19803 | $15327 |
| **12/20** | $16029 | $20640 | $15915 |
| **01/21** | $15730 | $20470 | $15769 |
| **02/21** | $16340 | $21064 | $16722 |
| **03/21** | $17407 | $21861 | $17706 |
| **04/21** | $18175 | $23037 | $18414 |
| **05/21** | $18633 | $23147 | $18844 |
| **06/21** | $18382 | $23727 | $18628 |
| **07/21** | $18807 | $24220 | $18777 |
| **08/21** | $19281 | $24921 | $19150 |
| **09/21** | $18486 | $23776 | $18483 |
| **10/21** | $19521 | $25426 | $19422 |
| **11/21** | $18927 | $25085 | $18737 |
| **12/21** | $20054 | $26101 | $19919 |
| **01/22** | $19368 | $24629 | $19455 |
| **02/22** | $18824 | $23953 | $19229 |
| **03/22** | $19297 | $24762 | $19772 |
| **04/22** | $18257 | $22554 | $18657 |
| **05/22** | $18802 | $22520 | $19020 |
| **06/22** | $17369 | $20634 | $17358 |
| **07/22** | $18469 | $22556 | $18509 |
| **08/22** | $17979 | $21690 | $17957 |
| **09/22** | $16558 | $19683 | $16383 |
| **10/22** | $18181 | $21261 | $18063 |
| **11/22** | $19412 | $22412 | $19191 |
| **12/22** | $18780 | $21108 | $18418 |
| **01/23** | $19336 | $22524 | $19372 |
| **02/23** | $18573 | $21988 | $18689 |
| **03/23** | $18508 | $22683 | $18603 |
| **04/23** | $18824 | $22964 | $18883 |
| **05/23** | $18072 | $23071 | $18155 |
| **06/23** | $19145 | $24629 | $19361 |
| **07/23** | $19635 | $25476 | $20042 |
| **08/23** | $19199 | $25031 | $19501 |
| **09/23** | $18513 | $23854 | $18748 |
| **10/23** | $18159 | $23278 | $18087 |
| **11/23** | $19330 | $25452 | $19451 |
| **12/23** | $20240 | $26708 | $20529 |
| **01/24** | $20354 | $27081 | $20550 |
| **02/24** | $21062 | $28543 | $21308 |
| **03/24** | $22004 | $29458 | $22373 |
| **04/24** | $21166 | $28205 | $21418 |
| **05/24** | $21781 | $29533 | $22097 |
| **06/24** | $21520 | $30510 | $21889 |
| **07/24** | $22647 | $30954 | $23008 |
| **08/24** | $23366 | $31688 | $23625 |
| **09/24** | $23306 | $32366 | $23953 |
| **10/24** | $22979 | $32139 | $23689 |
| **11/24** | $24090 | $34209 | $25202 |
| **12/24** | $22554 | $33255 | $23478 |
| **01/25** | $23480 | $34313 | $24565 |
| **02/25** | $23927 | $33713 | $24665 |
| **03/25** | $23420 | $31762 | $23980 |
| **04/25** | $22794 | $31573 | $23249 |
| **05/25** | $23529 | $33589 | $24065 |
| **06/25** | $24357 | $35290 | $24888 |
| **07/25** | $24036 | $36074 | $25031 |
| **08/25** | $24962 | $36833 | $25829 |
| **09/25** | $25610 | $38110 | $26215 |
| **10/25** | $26046 | $38932 | $26330 |
| **11/25** | $26710 | $39027 | $27030 |
| **12/25** | $26977 | $39030 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 19.61 | 10.97 | 10.43 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2025 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1029534807 |
| **Total number of portfolio holdings** | 70 |
| **Management services fees (represents 0.71% of Fund average net assets)** | $7174242 |
| **Portfolio turnover for the reporting period** | 119% |

---

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| Class 2 **\|** ASR7034_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 18.9% |
| Financials | 18.8% |
| Health Care | 13.4% |
| Industrials | 11.8% |
| Communication Services | 8.5% |
| Consumer Staples | 6.8% |
| Consumer Discretionary | 6.1% |
| Energy | 5.5% |
| Utilities | 4.4% |
| Real Estate | 3.0% |
| Other | 2.3% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 6.0% |
| Microsoft Corp. | 3.7% |
| Cisco Systems, Inc. | 2.8% |
| Bank of America Corp. | 2.6% |
| QUALCOMM, Inc. | 2.5% |
| Philip Morris International, Inc. | 2.3% |
| NXP Semiconductors NV | 2.3% |
| S&P Global, Inc. | 2.2% |
| Wells Fargo & Co. | 2.1% |
| Merck & Co., Inc. | 2.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.5% |
| Other | 0.5% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

Effective May 1, 2025 (the Effective Date), the Fund changed its name from CTIVP<sup>®</sup> - MFS<sup>®</sup> Value Fund to CTIVP<sup>®</sup> - Wellington Large Cap Value Fund. Also, as of the Effective Date, Massachusetts Financial Services Company no longer serves as subadviser to the Fund and Wellington Management Company LLP (Wellington) assumed day-to-day management of the Fund's portfolio. Accordingly, on the Effective Date, the Fund's principal investment strategies and principal risks were revised to reflect Wellington's investment strategy and process.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| Class 2 **\|** ASR7034_02_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $86 | 0.82% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the industrials, financials and consumer discretionary sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| An underweight to the consumer staples sector, and overweights to the health care and materials sectors, buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Tapestry, a provider of luxury accessories and lifestyle brands; Howmet Aerospace, a manufacturer of lightweight metal products; Ascendis Pharma, a biopharmaceutical company; Coherent, a manufacturer of opto-electronic devices; and MongoDB, a database platform developer, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, health care and communication services sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| The Fund's cash position, an underweight to the utilities sector, and an overweight to the financials sector, detracted from relative performance during the period.

**Individual holdings** \| Fund positions in Globant, an IT service provider; and Atlassian, a collaboration and productivity software provider, were top detractors from the Fund's relative performance during the period. Relative underweights to Palantir, a software platform provider; Cloudflare, an IT services provider; and no exposure to Carvana, an e-commerce platform dedicated to buying and selling used cars, also detracted from the Fund's relative performance during the period.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| Class 1 **\|** ASR7040_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g80o05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund Class 1 ($31551)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Growth Index ($32448)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9325 | $9436 | $9243 |
| **02/16** | $9249 | $9433 | $9388 |
| **03/16** | $9929 | $10097 | $10058 |
| **04/16** | $9897 | $10159 | $10052 |
| **05/16** | $10114 | $10341 | $10217 |
| **06/16** | $10044 | $10362 | $10215 |
| **07/16** | $10424 | $10774 | $10721 |
| **08/16** | $10229 | $10801 | $10689 |
| **09/16** | $10288 | $10818 | $10684 |
| **10/16** | $10011 | $10584 | $10250 |
| **11/16** | $10337 | $11058 | $10696 |
| **12/16** | $10370 | $11274 | $10733 |
| **01/17** | $10762 | $11486 | $11091 |
| **02/17** | $11115 | $11913 | $11410 |
| **03/17** | $11235 | $11921 | $11473 |
| **04/17** | $11398 | $12047 | $11643 |
| **05/17** | $11518 | $12171 | $11921 |
| **06/17** | $11551 | $12280 | $11956 |
| **07/17** | $11692 | $12512 | $12156 |
| **08/17** | $11823 | $12536 | $12242 |
| **09/17** | $12095 | $12842 | $12588 |
| **10/17** | $12361 | $13122 | $12940 |
| **11/17** | $12688 | $13521 | $13373 |
| **12/17** | $12748 | $13656 | $13445 |
| **01/18** | $13531 | $14375 | $14206 |
| **02/18** | $13052 | $13846 | $13760 |
| **03/18** | $13177 | $13568 | $13737 |
| **04/18** | $13373 | $13619 | $13607 |
| **05/18** | $13917 | $14004 | $14116 |
| **06/18** | $13808 | $14095 | $14171 |
| **07/18** | $14244 | $14563 | $14475 |
| **08/18** | $14603 | $15074 | $15309 |
| **09/18** | $14619 | $15099 | $15244 |
| **10/18** | $13292 | $13988 | $13735 |
| **11/18** | $13596 | $14268 | $14084 |
| **12/18** | $12318 | $12940 | $12806 |
| **01/19** | $13624 | $14051 | $14278 |
| **02/19** | $14565 | $14545 | $15115 |
| **03/19** | $14935 | $14757 | $15319 |
| **04/19** | $15653 | $15346 | $16008 |
| **05/19** | $14695 | $14353 | $15087 |
| **06/19** | $15740 | $15361 | $16146 |
| **07/19** | $16099 | $15590 | $16523 |
| **08/19** | $15773 | $15272 | $16222 |
| **09/19** | $15729 | $15540 | $16038 |
| **10/19** | $16012 | $15874 | $16335 |
| **11/19** | $17002 | $16478 | $17148 |
| **12/19** | $17508 | $16954 | $17348 |
| **01/20** | $17878 | $16935 | $17511 |
| **02/20** | $16746 | $15549 | $16303 |
| **03/20** | $13662 | $13410 | $13872 |
| **04/20** | $15598 | $15187 | $16044 |
| **05/20** | $17345 | $15999 | $17656 |
| **06/20** | $17410 | $16364 | $18070 |
| **07/20** | $18466 | $17294 | $19513 |
| **08/20** | $18863 | $18546 | $20044 |
| **09/20** | $18662 | $17871 | $19763 |
| **10/20** | $18482 | $17485 | $19788 |
| **11/20** | $21159 | $19613 | $22445 |
| **12/20** | $22323 | $20495 | $23522 |
| **01/21** | $21692 | $20404 | $23444 |
| **02/21** | $22622 | $21042 | $23844 |
| **03/21** | $22263 | $21796 | $23389 |
| **04/21** | $23836 | $22919 | $24703 |
| **05/21** | $23667 | $23024 | $24326 |
| **06/21** | $24429 | $23592 | $25979 |
| **07/21** | $24886 | $23991 | $26246 |
| **08/21** | $25740 | $24675 | $27094 |
| **09/21** | $24820 | $23568 | $25781 |
| **10/21** | $25936 | $25161 | $27589 |
| **11/21** | $25277 | $24778 | $26423 |
| **12/21** | $26056 | $25754 | $26516 |
| **01/22** | $23390 | $24239 | $23094 |
| **02/22** | $23221 | $23628 | $22814 |
| **03/22** | $24037 | $24395 | $23180 |
| **04/22** | $21627 | $22206 | $20570 |
| **05/22** | $20560 | $22176 | $19774 |
| **06/22** | $18645 | $20321 | $18296 |
| **07/22** | $20609 | $22227 | $20535 |
| **08/22** | $19951 | $21397 | $19862 |
| **09/22** | $18150 | $19413 | $18176 |
| **10/22** | $19859 | $21005 | $19605 |
| **11/22** | $20528 | $22102 | $20671 |
| **12/22** | $19385 | $20808 | $19431 |
| **01/23** | $21072 | $22241 | $21126 |
| **02/23** | $20800 | $21721 | $20918 |
| **03/23** | $20979 | $22302 | $21206 |
| **04/23** | $20550 | $22539 | $20899 |
| **05/23** | $20740 | $22627 | $20912 |
| **06/23** | $22557 | $24172 | $22528 |
| **07/23** | $23101 | $25039 | $23210 |
| **08/23** | $22443 | $24555 | $22444 |
| **09/23** | $21382 | $23386 | $21351 |
| **10/23** | $20180 | $22766 | $20262 |
| **11/23** | $22552 | $24888 | $22733 |
| **12/23** | $24325 | $26209 | $24457 |
| **01/24** | $24271 | $26499 | $24325 |
| **02/24** | $26045 | $27933 | $26154 |
| **03/24** | $26806 | $28835 | $26779 |
| **04/24** | $25190 | $27566 | $25224 |
| **05/24** | $24810 | $28868 | $25493 |
| **06/24** | $24799 | $29762 | $25919 |
| **07/24** | $24663 | $30315 | $26076 |
| **08/24** | $25566 | $30975 | $26724 |
| **09/24** | $26295 | $31616 | $27614 |
| **10/24** | $26616 | $31384 | $28097 |
| **11/24** | $30305 | $33471 | $31842 |
| **12/24** | $28580 | $32448 | $29863 |
| **01/25** | $30588 | $33473 | $31768 |
| **02/25** | $28591 | $32831 | $29958 |
| **03/25** | $25816 | $30916 | $27736 |
| **04/25** | $27084 | $30709 | $28668 |
| **05/25** | $29516 | $32655 | $31416 |
| **06/25** | $31251 | $34314 | $32785 |
| **07/25** | $31893 | $35070 | $33451 |
| **08/25** | $31812 | $35881 | $33785 |
| **09/25** | $32367 | $37120 | $33696 |
| **10/25** | $32916 | $37915 | $33602 |
| **11/25** | $31790 | $38019 | $32889 |
| **12/25** | $31551 | $38012 | $32448 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 10.40 | 7.16 | 12.18 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Growth Index | 8.66 | 6.65 | 12.49 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to September 2017 reflects returns achieved by one or more different subadvisers. If the Fund's current subadviser had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $253713089 |
| **Total number of portfolio holdings** | 56 |
| **Management services fees (represents 0.81% of Fund average net assets)** | $2405285 |
| **Portfolio turnover for the reporting period** | 80% |

---

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| Class 1 **\|** ASR7040_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 27.5% |
| Consumer Discretionary | 17.5% |
| Information Technology | 17.0% |
| Health Care | 15.6% |
| Financials | 12.6% |
| Communication Services | 3.3% |
| Utilities | 2.2% |
| Energy | 2.0% |
| Materials | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Vertiv Holdings Co. | 5.6% |
| Howmet Aerospace, Inc. | 5.5% |
| Axon Enterprise, Inc. | 3.8% |
| Ascendis Pharma A/S ADR | 3.4% |
| Ares Management Corp., Class A | 2.7% |
| Tapestry, Inc. | 2.6% |
| Royal Caribbean Cruises Ltd. | 2.5% |
| Live Nation Entertainment, Inc. | 2.5% |
| MSCI, Inc. | 2.5% |
| AutoZone, Inc. | 2.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.3% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| Class 1 **\|** ASR7040_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $112 | 1.07% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the industrials, financials and consumer discretionary sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| An underweight to the consumer staples sector, and overweights to the health care and materials sectors, buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Tapestry, a provider of luxury accessories and lifestyle brands; Howmet Aerospace, a manufacturer of lightweight metal products; Ascendis Pharma, a biopharmaceutical company; Coherent, a manufacturer of opto-electronic devices; and MongoDB, a database platform developer, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, health care and communication services sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| The Fund's cash position, an underweight to the utilities sector, and an overweight to the financials sector, detracted from relative performance during the period.

**Individual holdings** \| Fund positions in Globant, an IT service provider; and Atlassian, a collaboration and productivity software provider, were top detractors from the Fund's relative performance during the period. Relative underweights to Palantir, a software platform provider; Cloudflare, an IT services provider; and no exposure to Carvana, an e-commerce platform dedicated to buying and selling used cars, also detracted from the Fund's relative performance during the period.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| Class 2 **\|** ASR7040_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g39j16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund Class 2 ($30773)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Growth Index ($32448)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9320 | $9436 | $9243 |
| **02/16** | $9243 | $9433 | $9388 |
| **03/16** | $9923 | $10097 | $10058 |
| **04/16** | $9889 | $10159 | $10052 |
| **05/16** | $10105 | $10341 | $10217 |
| **06/16** | $10028 | $10362 | $10215 |
| **07/16** | $10414 | $10774 | $10721 |
| **08/16** | $10210 | $10801 | $10689 |
| **09/16** | $10271 | $10818 | $10684 |
| **10/16** | $9994 | $10584 | $10250 |
| **11/16** | $10315 | $11058 | $10696 |
| **12/16** | $10343 | $11274 | $10733 |
| **01/17** | $10735 | $11486 | $11091 |
| **02/17** | $11083 | $11913 | $11410 |
| **03/17** | $11199 | $11921 | $11473 |
| **04/17** | $11359 | $12047 | $11643 |
| **05/17** | $11475 | $12171 | $11921 |
| **06/17** | $11508 | $12280 | $11956 |
| **07/17** | $11646 | $12512 | $12156 |
| **08/17** | $11773 | $12536 | $12242 |
| **09/17** | $12039 | $12842 | $12588 |
| **10/17** | $12304 | $13122 | $12940 |
| **11/17** | $12624 | $13521 | $13373 |
| **12/17** | $12685 | $13656 | $13445 |
| **01/18** | $13464 | $14375 | $14206 |
| **02/18** | $12983 | $13846 | $13760 |
| **03/18** | $13105 | $13568 | $13737 |
| **04/18** | $13298 | $13619 | $13607 |
| **05/18** | $13834 | $14004 | $14116 |
| **06/18** | $13724 | $14095 | $14171 |
| **07/18** | $14149 | $14563 | $14475 |
| **08/18** | $14503 | $15074 | $15309 |
| **09/18** | $14519 | $15099 | $15244 |
| **10/18** | $13199 | $13988 | $13735 |
| **11/18** | $13497 | $14268 | $14084 |
| **12/18** | $12227 | $12940 | $12806 |
| **01/19** | $13519 | $14051 | $14278 |
| **02/19** | $14448 | $14545 | $15115 |
| **03/19** | $14812 | $14757 | $15319 |
| **04/19** | $15525 | $15346 | $16008 |
| **05/19** | $14569 | $14353 | $15087 |
| **06/19** | $15602 | $15361 | $16146 |
| **07/19** | $15956 | $15590 | $16523 |
| **08/19** | $15630 | $15272 | $16222 |
| **09/19** | $15580 | $15540 | $16038 |
| **10/19** | $15862 | $15874 | $16335 |
| **11/19** | $16840 | $16478 | $17148 |
| **12/19** | $17337 | $16954 | $17348 |
| **01/20** | $17696 | $16935 | $17511 |
| **02/20** | $16575 | $15549 | $16303 |
| **03/20** | $13519 | $13410 | $13872 |
| **04/20** | $15431 | $15187 | $16044 |
| **05/20** | $17155 | $15999 | $17656 |
| **06/20** | $17221 | $16364 | $18070 |
| **07/20** | $18260 | $17294 | $19513 |
| **08/20** | $18646 | $18546 | $20044 |
| **09/20** | $18442 | $17871 | $19763 |
| **10/20** | $18265 | $17485 | $19788 |
| **11/20** | $20901 | $19613 | $22445 |
| **12/20** | $22050 | $20495 | $23522 |
| **01/21** | $21420 | $20404 | $23444 |
| **02/21** | $22331 | $21042 | $23844 |
| **03/21** | $21972 | $21796 | $23389 |
| **04/21** | $23519 | $22919 | $24703 |
| **05/21** | $23348 | $23024 | $24326 |
| **06/21** | $24094 | $23592 | $25979 |
| **07/21** | $24541 | $23991 | $26246 |
| **08/21** | $25376 | $24675 | $27094 |
| **09/21** | $24464 | $23568 | $25781 |
| **10/21** | $25564 | $25161 | $27589 |
| **11/21** | $24906 | $24778 | $26423 |
| **12/21** | $25668 | $25754 | $26516 |
| **01/22** | $23039 | $24239 | $23094 |
| **02/22** | $22867 | $23628 | $22814 |
| **03/22** | $23669 | $24395 | $23180 |
| **04/22** | $21287 | $22206 | $20570 |
| **05/22** | $20232 | $22176 | $19774 |
| **06/22** | $18343 | $20321 | $18296 |
| **07/22** | $20271 | $22227 | $20535 |
| **08/22** | $19624 | $21397 | $19862 |
| **09/22** | $17845 | $19413 | $18176 |
| **10/22** | $19519 | $21005 | $19605 |
| **11/22** | $20177 | $22102 | $20671 |
| **12/22** | $19050 | $20808 | $19431 |
| **01/23** | $20702 | $22241 | $21126 |
| **02/23** | $20431 | $21721 | $20918 |
| **03/23** | $20602 | $22302 | $21206 |
| **04/23** | $20177 | $22539 | $20899 |
| **05/23** | $20359 | $22627 | $20912 |
| **06/23** | $22138 | $24172 | $22528 |
| **07/23** | $22669 | $25039 | $23210 |
| **08/23** | $22017 | $24555 | $22444 |
| **09/23** | $20972 | $23386 | $21351 |
| **10/23** | $19790 | $22766 | $20262 |
| **11/23** | $22110 | $24888 | $22733 |
| **12/23** | $23845 | $26209 | $24457 |
| **01/24** | $23790 | $26499 | $24325 |
| **02/24** | $25519 | $27933 | $26154 |
| **03/24** | $26260 | $28835 | $26779 |
| **04/24** | $24674 | $27566 | $25224 |
| **05/24** | $24298 | $28868 | $25493 |
| **06/24** | $24276 | $29762 | $25919 |
| **07/24** | $24144 | $30315 | $26076 |
| **08/24** | $25017 | $30975 | $26724 |
| **09/24** | $25729 | $31616 | $27614 |
| **10/24** | $26033 | $31384 | $28097 |
| **11/24** | $29635 | $33471 | $31842 |
| **12/24** | $27945 | $32448 | $29863 |
| **01/25** | $29901 | $33473 | $31768 |
| **02/25** | $27945 | $32831 | $29958 |
| **03/25** | $25227 | $30916 | $27736 |
| **04/25** | $26459 | $30709 | $28668 |
| **05/25** | $28829 | $32655 | $31416 |
| **06/25** | $30519 | $34314 | $32785 |
| **07/25** | $31138 | $35070 | $33451 |
| **08/25** | $31055 | $35881 | $33785 |
| **09/25** | $31586 | $37120 | $33696 |
| **10/25** | $32116 | $37915 | $33602 |
| **11/25** | $31011 | $38019 | $32889 |
| **12/25** | $30773 | $38012 | $32448 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 10.12 | 6.89 | 11.90 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Growth Index | 8.66 | 6.65 | 12.49 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to September 2017 reflects returns achieved by one or more different subadvisers. If the Fund's current subadviser had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $253713089 |
| **Total number of portfolio holdings** | 56 |
| **Management services fees (represents 0.81% of Fund average net assets)** | $2405285 |
| **Portfolio turnover for the reporting period** | 80% |

---

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| Class 2 **\|** ASR7040_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 27.5% |
| Consumer Discretionary | 17.5% |
| Information Technology | 17.0% |
| Health Care | 15.6% |
| Financials | 12.6% |
| Communication Services | 3.3% |
| Utilities | 2.2% |
| Energy | 2.0% |
| Materials | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Vertiv Holdings Co. | 5.6% |
| Howmet Aerospace, Inc. | 5.5% |
| Axon Enterprise, Inc. | 3.8% |
| Ascendis Pharma A/S ADR | 3.4% |
| Ares Management Corp., Class A | 2.7% |
| Tapestry, Inc. | 2.6% |
| Royal Caribbean Cruises Ltd. | 2.5% |
| Live Nation Entertainment, Inc. | 2.5% |
| MSCI, Inc. | 2.5% |
| AutoZone, Inc. | 2.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.3% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| Class 2 **\|** ASR7040_02_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $75 | 0.69% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the industrials, health care and financials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweights to the consumer staples and consumer discretionary sectors and an overweight to the health care sector positively impacted the Fund's relative performance.

**Individual holdings** \| Positions in Ascendis Pharma, a biopharmaceutical company; GE Vernova, a provider of power industry products; Comfort Systems, a provider of mechanical and electrical contracting services; Bloom Energy, a provider of solid oxide fuel-cell based power generation platforms; and Coherent Corp., a semiconductor and semiconductor services company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, consumer discretionary, materials and communication services sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Holding cash, an underweight to the information technology sector and an overweight to the materials sector detracted from relative performance.

**Individual holdings** \| Positions in ServiceNow, a workflow automation platform provider; Salesforce, a provider of software for customer relationship management; Vertiv, a diversified provider of digital infrastructure technology and power and thermal management products; and Commvault Systems, a provider of software for data protection and information management applications, were among the top relative detractors from the Fund's relative performance. An underweight to Palantir, a provider of software systems that serve as central operating systems, also detracted from relative performance during the period.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| Class 1 **\|** ASR7035_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g76h75.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund Class 1 ($34892)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Growth Index ($52906)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9280 | $9462 | $9442 |
| **02/16** | $9189 | $9459 | $9438 |
| **03/16** | $9839 | $10117 | $10074 |
| **04/16** | $9859 | $10172 | $9982 |
| **05/16** | $9924 | $10351 | $10176 |
| **06/16** | $10020 | $10374 | $10136 |
| **07/16** | $10519 | $10769 | $10615 |
| **08/16** | $10579 | $10783 | $10562 |
| **09/16** | $10665 | $10792 | $10600 |
| **10/16** | $10463 | $10582 | $10351 |
| **11/16** | $10469 | $10999 | $10577 |
| **12/16** | $10327 | $11205 | $10708 |
| **01/17** | $10811 | $11431 | $11068 |
| **02/17** | $11123 | $11873 | $11528 |
| **03/17** | $11300 | $11881 | $11662 |
| **04/17** | $11763 | $12006 | $11928 |
| **05/17** | $12166 | $12160 | $12238 |
| **06/17** | $12020 | $12244 | $12206 |
| **07/17** | $12358 | $12487 | $12531 |
| **08/17** | $12489 | $12526 | $12760 |
| **09/17** | $12489 | $12793 | $12926 |
| **10/17** | $13063 | $13086 | $13427 |
| **11/17** | $13486 | $13485 | $13835 |
| **12/17** | $13693 | $13636 | $13943 |
| **01/18** | $14756 | $14384 | $14930 |
| **02/18** | $14655 | $13856 | $14539 |
| **03/18** | $14322 | $13541 | $14140 |
| **04/18** | $14499 | $13587 | $14189 |
| **05/18** | $15199 | $13934 | $14811 |
| **06/18** | $15446 | $14024 | $14954 |
| **07/18** | $15451 | $14508 | $15393 |
| **08/18** | $16327 | $15008 | $16235 |
| **09/18** | $16332 | $15065 | $16325 |
| **10/18** | $14932 | $13999 | $14865 |
| **11/18** | $15169 | $14284 | $15023 |
| **12/18** | $14091 | $12983 | $13732 |
| **01/19** | $15592 | $14071 | $14966 |
| **02/19** | $16207 | $14548 | $15501 |
| **03/19** | $16690 | $14801 | $15943 |
| **04/19** | $17542 | $15399 | $16663 |
| **05/19** | $16972 | $14417 | $15610 |
| **06/19** | $17929 | $15430 | $16682 |
| **07/19** | $18186 | $15669 | $17059 |
| **08/19** | $17773 | $15382 | $16928 |
| **09/19** | $17411 | $15649 | $16930 |
| **10/19** | $17133 | $15980 | $17408 |
| **11/19** | $17945 | $16584 | $18180 |
| **12/19** | $17919 | $17063 | $18729 |
| **01/20** | $18972 | $17082 | $19147 |
| **02/20** | $17934 | $15686 | $17843 |
| **03/20** | $16096 | $13613 | $16088 |
| **04/20** | $19008 | $15412 | $18468 |
| **05/20** | $21889 | $16225 | $19708 |
| **06/20** | $23748 | $16584 | $20567 |
| **07/20** | $25904 | $17555 | $22149 |
| **08/20** | $27975 | $18843 | $24434 |
| **09/20** | $27093 | $18155 | $23285 |
| **10/20** | $26554 | $17717 | $22494 |
| **11/20** | $30247 | $19803 | $24797 |
| **12/20** | $31521 | $20640 | $25938 |
| **01/21** | $30851 | $20470 | $25746 |
| **02/21** | $32524 | $21064 | $25740 |
| **03/21** | $30569 | $21861 | $26182 |
| **04/21** | $32191 | $23037 | $27963 |
| **05/21** | $31421 | $23147 | $27577 |
| **06/21** | $34146 | $23727 | $29307 |
| **07/21** | $34091 | $24220 | $30273 |
| **08/21** | $34589 | $24921 | $31404 |
| **09/21** | $32383 | $23776 | $29646 |
| **10/21** | $33990 | $25426 | $32213 |
| **11/21** | $32524 | $25085 | $32410 |
| **12/21** | $30227 | $26101 | $33096 |
| **01/22** | $25380 | $24629 | $30255 |
| **02/22** | $24554 | $23953 | $28970 |
| **03/22** | $23441 | $24762 | $30103 |
| **04/22** | $20615 | $22554 | $26468 |
| **05/22** | $19416 | $22520 | $25853 |
| **06/22** | $18267 | $20634 | $23805 |
| **07/22** | $20071 | $22556 | $26662 |
| **08/22** | $19562 | $21690 | $25420 |
| **09/22** | $17688 | $19683 | $22949 |
| **10/22** | $18635 | $21261 | $24290 |
| **11/22** | $19330 | $22412 | $25397 |
| **12/22** | $17814 | $21108 | $23453 |
| **01/23** | $19310 | $22524 | $25407 |
| **02/23** | $18690 | $21988 | $25106 |
| **03/23** | $19889 | $22683 | $26822 |
| **04/23** | $19899 | $22964 | $27086 |
| **05/23** | $20851 | $23071 | $28321 |
| **06/23** | $22287 | $24629 | $30258 |
| **07/23** | $23204 | $25476 | $31277 |
| **08/23** | $22020 | $25031 | $30996 |
| **09/23** | $20741 | $23854 | $29310 |
| **10/23** | $20111 | $23278 | $28893 |
| **11/23** | $22045 | $25452 | $32043 |
| **12/23** | $23335 | $26708 | $33462 |
| **01/24** | $23421 | $27081 | $34296 |
| **02/24** | $25285 | $28543 | $36636 |
| **03/24** | $25511 | $29458 | $37281 |
| **04/24** | $23995 | $28205 | $35700 |
| **05/24** | $25128 | $29533 | $37837 |
| **06/24** | $26040 | $30510 | $40388 |
| **07/24** | $25103 | $30954 | $39701 |
| **08/24** | $25909 | $31688 | $40528 |
| **09/24** | $27128 | $32366 | $41677 |
| **10/24** | $27174 | $32139 | $41539 |
| **11/24** | $29804 | $34209 | $44233 |
| **12/24** | $29753 | $33255 | $44623 |
| **01/25** | $30559 | $34313 | $45506 |
| **02/25** | $29088 | $33713 | $43871 |
| **03/25** | $26468 | $31762 | $40175 |
| **04/25** | $27385 | $31573 | $40887 |
| **05/25** | $29980 | $33589 | $44505 |
| **06/25** | $31995 | $35290 | $47342 |
| **07/25** | $33073 | $36074 | $49129 |
| **08/25** | $33008 | $36833 | $49679 |
| **09/25** | $34700 | $38110 | $52318 |
| **10/25** | $36141 | $38932 | $54218 |
| **11/25** | $35305 | $39027 | $53236 |
| **12/25** | $34892 | $39030 | $52906 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 17.27 | 2.05 | 13.31 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Growth Index | 18.56 | 15.32 | 18.13 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2024 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1680605968 |
| **Total number of portfolio holdings** | 33 |
| **Management services fees (represents 0.68% of Fund average net assets)** | $11628327 |
| **Portfolio turnover for the reporting period** | 68% |

---

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| Class 1 **\|** ASR7035_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 18.5% |
| Systems Software | 10.4% |
| Technology Hardware, Storage & Peripherals | 7.8% |
| Application Software | 2.5% |
| Electronic Components | 1.7% |
| Internet Services & Infrastructure | 1.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.4% |
| Microsoft Corp. | 8.5% |
| Apple, Inc. | 7.8% |
| Alphabet, Inc., Class A | 7.3% |
| Ascendis Pharma A/S ADR | 5.4% |
| Amazon.com, Inc. | 5.3% |
| Broadcom, Inc. | 4.6% |
| Meta Platforms, Inc., Class A | 4.3% |
| Howmet Aerospace, Inc. | 3.2% |
| Comfort Systems U.S.A., Inc. | 3.1% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 42.4% |
| Industrials | 17.9% |
| Communication Services | 11.6% |
| Health Care | 10.5% |
| Consumer Discretionary | 9.9% |
| Financials | 7.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| Class 1 **\|** ASR7035_01_12_D01_(02/26) \|

# CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $102 | 0.94% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the industrials, health care and financials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweights to the consumer staples and consumer discretionary sectors and an overweight to the health care sector positively impacted the Fund's relative performance.

**Individual holdings** \| Positions in Ascendis Pharma, a biopharmaceutical company; GE Vernova, a provider of power industry products; Comfort Systems, a provider of mechanical and electrical contracting services; Bloom Energy, a provider of solid oxide fuel-cell based power generation platforms; and Coherent Corp., a semiconductor and semiconductor services company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, consumer discretionary, materials and communication services sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Holding cash, an underweight to the information technology sector and an overweight to the materials sector detracted from relative performance.

**Individual holdings** \| Positions in ServiceNow, a workflow automation platform provider; Salesforce, a provider of software for customer relationship management; Vertiv, a diversified provider of digital infrastructure technology and power and thermal management products; and Commvault Systems, a provider of software for data protection and information management applications, were among the top relative detractors from the Fund's relative performance. An underweight to Palantir, a provider of software systems that serve as central operating systems, also detracted from relative performance during the period.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| Class 2 **\|** ASR7035_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g84e48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund Class 2 ($34011)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Growth Index ($52906)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9280 | $9462 | $9442 |
| **02/16** | $9188 | $9459 | $9438 |
| **03/16** | $9836 | $10117 | $10074 |
| **04/16** | $9852 | $10172 | $9982 |
| **05/16** | $9913 | $10351 | $10176 |
| **06/16** | $10010 | $10374 | $10136 |
| **07/16** | $10501 | $10769 | $10615 |
| **08/16** | $10562 | $10783 | $10562 |
| **09/16** | $10644 | $10792 | $10600 |
| **10/16** | $10445 | $10582 | $10351 |
| **11/16** | $10445 | $10999 | $10577 |
| **12/16** | $10307 | $11205 | $10708 |
| **01/17** | $10782 | $11431 | $11068 |
| **02/17** | $11094 | $11873 | $11528 |
| **03/17** | $11267 | $11881 | $11662 |
| **04/17** | $11722 | $12006 | $11928 |
| **05/17** | $12126 | $12160 | $12238 |
| **06/17** | $11978 | $12244 | $12206 |
| **07/17** | $12315 | $12487 | $12531 |
| **08/17** | $12437 | $12526 | $12760 |
| **09/17** | $12432 | $12793 | $12926 |
| **10/17** | $13005 | $13086 | $13427 |
| **11/17** | $13424 | $13485 | $13835 |
| **12/17** | $13628 | $13636 | $13943 |
| **01/18** | $14681 | $14384 | $14930 |
| **02/18** | $14578 | $13856 | $14539 |
| **03/18** | $14241 | $13541 | $14140 |
| **04/18** | $14415 | $13587 | $14189 |
| **05/18** | $15110 | $13934 | $14811 |
| **06/18** | $15350 | $14024 | $14954 |
| **07/18** | $15355 | $14508 | $15393 |
| **08/18** | $16219 | $15008 | $16235 |
| **09/18** | $16224 | $15065 | $16325 |
| **10/18** | $14829 | $13999 | $14865 |
| **11/18** | $15059 | $14284 | $15023 |
| **12/18** | $13986 | $12983 | $13732 |
| **01/19** | $15478 | $14071 | $14966 |
| **02/19** | $16081 | $14548 | $15501 |
| **03/19** | $16556 | $14801 | $15943 |
| **04/19** | $17399 | $15399 | $16663 |
| **05/19** | $16832 | $14417 | $15610 |
| **06/19** | $17777 | $15430 | $16682 |
| **07/19** | $18022 | $15669 | $17059 |
| **08/19** | $17614 | $15382 | $16928 |
| **09/19** | $17251 | $15649 | $16930 |
| **10/19** | $16970 | $15980 | $17408 |
| **11/19** | $17772 | $16584 | $18180 |
| **12/19** | $17741 | $17063 | $18729 |
| **01/20** | $18784 | $17082 | $19147 |
| **02/20** | $17752 | $15686 | $17843 |
| **03/20** | $15927 | $13613 | $16088 |
| **04/20** | $18804 | $15412 | $18468 |
| **05/20** | $21650 | $16225 | $19708 |
| **06/20** | $23490 | $16584 | $20567 |
| **07/20** | $25616 | $17555 | $22149 |
| **08/20** | $27655 | $18843 | $24434 |
| **09/20** | $26776 | $18155 | $23285 |
| **10/20** | $26239 | $17717 | $22494 |
| **11/20** | $29882 | $19803 | $24797 |
| **12/20** | $31134 | $20640 | $25938 |
| **01/21** | $30465 | $20470 | $25746 |
| **02/21** | $32110 | $21064 | $25740 |
| **03/21** | $30174 | $21861 | $26182 |
| **04/21** | $31768 | $23037 | $27963 |
| **05/21** | $31002 | $23147 | $27577 |
| **06/21** | $33684 | $23727 | $29307 |
| **07/21** | $33623 | $24220 | $30273 |
| **08/21** | $34103 | $24921 | $31404 |
| **09/21** | $31926 | $23776 | $29646 |
| **10/21** | $33505 | $25426 | $32213 |
| **11/21** | $32049 | $25085 | $32410 |
| **12/21** | $29780 | $26101 | $33096 |
| **01/22** | $24997 | $24629 | $30255 |
| **02/22** | $24180 | $23953 | $28970 |
| **03/22** | $23081 | $24762 | $30103 |
| **04/22** | $20291 | $22554 | $26468 |
| **05/22** | $19111 | $22520 | $25853 |
| **06/22** | $17976 | $20634 | $23805 |
| **07/22** | $19744 | $22556 | $26662 |
| **08/22** | $19239 | $21690 | $25420 |
| **09/22** | $17394 | $19683 | $22949 |
| **10/22** | $18324 | $21261 | $24290 |
| **11/22** | $18998 | $22412 | $25397 |
| **12/22** | $17506 | $21108 | $23453 |
| **01/23** | $18973 | $22524 | $25407 |
| **02/23** | $18365 | $21988 | $25106 |
| **03/23** | $19535 | $22683 | $26822 |
| **04/23** | $19540 | $22964 | $27086 |
| **05/23** | $20470 | $23071 | $28321 |
| **06/23** | $21875 | $24629 | $30258 |
| **07/23** | $22775 | $25476 | $31277 |
| **08/23** | $21604 | $25031 | $30996 |
| **09/23** | $20342 | $23854 | $29310 |
| **10/23** | $19724 | $23278 | $28893 |
| **11/23** | $21604 | $25452 | $32043 |
| **12/23** | $22867 | $26708 | $33462 |
| **01/24** | $22943 | $27081 | $34296 |
| **02/24** | $24762 | $28543 | $36636 |
| **03/24** | $24982 | $29458 | $37281 |
| **04/24** | $23490 | $28205 | $35700 |
| **05/24** | $24589 | $29533 | $37837 |
| **06/24** | $25478 | $30510 | $40388 |
| **07/24** | $24558 | $30954 | $39701 |
| **08/24** | $25340 | $31688 | $40528 |
| **09/24** | $26525 | $32366 | $41677 |
| **10/24** | $26566 | $32139 | $41539 |
| **11/24** | $29131 | $34209 | $44233 |
| **12/24** | $29075 | $33255 | $44623 |
| **01/25** | $29857 | $34313 | $45506 |
| **02/25** | $28416 | $33713 | $43871 |
| **03/25** | $25851 | $31762 | $40175 |
| **04/25** | $26740 | $31573 | $40887 |
| **05/25** | $29269 | $33589 | $44505 |
| **06/25** | $31226 | $35290 | $47342 |
| **07/25** | $32274 | $36074 | $49129 |
| **08/25** | $32202 | $36833 | $49679 |
| **09/25** | $33848 | $38110 | $52318 |
| **10/25** | $35243 | $38932 | $54218 |
| **11/25** | $34425 | $39027 | $53236 |
| **12/25** | $34011 | $39030 | $52906 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 16.98 | 1.78 | 13.02 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Growth Index | 18.56 | 15.32 | 18.13 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2024 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1680605968 |
| **Total number of portfolio holdings** | 33 |
| **Management services fees (represents 0.68% of Fund average net assets)** | $11628327 |
| **Portfolio turnover for the reporting period** | 68% |

---

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| Class 2 **\|** ASR7035_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 18.5% |
| Systems Software | 10.4% |
| Technology Hardware, Storage & Peripherals | 7.8% |
| Application Software | 2.5% |
| Electronic Components | 1.7% |
| Internet Services & Infrastructure | 1.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.4% |
| Microsoft Corp. | 8.5% |
| Apple, Inc. | 7.8% |
| Alphabet, Inc., Class A | 7.3% |
| Ascendis Pharma A/S ADR | 5.4% |
| Amazon.com, Inc. | 5.3% |
| Broadcom, Inc. | 4.6% |
| Meta Platforms, Inc., Class A | 4.3% |
| Howmet Aerospace, Inc. | 3.2% |
| Comfort Systems U.S.A., Inc. | 3.1% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 42.4% |
| Industrials | 17.9% |
| Communication Services | 11.6% |
| Health Care | 10.5% |
| Consumer Discretionary | 9.9% |
| Financials | 7.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| Class 2 **\|** ASR7035_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Emerging Markets Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Emerging Markets Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $126 | 1.09% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the information technology, health care, materials and communication services sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| A larger allocation to the information technology sector and smaller allocations to the energy, utilities and financials sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in SK Hynix, a South Korean semiconductor manufacturer; HD Hyundai Electric, a South Korean manufacturer of electrical equipment; ASPEED Technology, a Taiwanese cloud services provider; Meituan, a Chinese online food ordering and delivery service; and National Bank of Greece, a Greek financial services company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the consumer discretionary, energy and utilities sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Large weightings in the real estate, consumer staples and consumer discretionary sectors and a small allocation to the materials sector detracted from the Fund's relative performance.

**Individual holdings** \| Fund positions in Alibaba Group, the leading Chinese ecommerce and digital media company; eMemory Technology, a Taiwanese semiconductor developer; Trip.com, a global one-stop travel platform headquartered in Singapore; Samsung Electronics, a South Korean manufacturer of electronics and computer peripherals; and ICICI Bank Ltd., an Indian banking and financial services company, were top detractors from the Fund's relative performance during the period.

Columbia Variable Portfolio – Emerging Markets Fund \| Class 1 **\|** ASR7007_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g72t83.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Emerging Markets Fund Class 1 ($20178)** | **MSCI Emerging Markets Index (Net) ($22438)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9464 | $9351 |
| **02/16** | $9265 | $9336 |
| **03/16** | $10212 | $10571 |
| **04/16** | $10212 | $10629 |
| **05/16** | $10175 | $10232 |
| **06/16** | $10469 | $10641 |
| **07/16** | $10977 | $11177 |
| **08/16** | $11198 | $11455 |
| **09/16** | $11433 | $11602 |
| **10/16** | $11183 | $11630 |
| **11/16** | $10535 | $11094 |
| **12/16** | $10513 | $11119 |
| **01/17** | $11161 | $11727 |
| **02/17** | $11352 | $12086 |
| **03/17** | $11816 | $12391 |
| **04/17** | $12228 | $12662 |
| **05/17** | $12700 | $13037 |
| **06/17** | $12929 | $13168 |
| **07/17** | $13776 | $13953 |
| **08/17** | $14196 | $14264 |
| **09/17** | $14403 | $14208 |
| **10/17** | $14897 | $14706 |
| **11/17** | $15029 | $14735 |
| **12/17** | $15508 | $15264 |
| **01/18** | $16489 | $16536 |
| **02/18** | $15803 | $15774 |
| **03/18** | $15726 | $15480 |
| **04/18** | $15194 | $15412 |
| **05/18** | $14965 | $14866 |
| **06/18** | $14256 | $14248 |
| **07/18** | $14389 | $14561 |
| **08/18** | $13724 | $14167 |
| **09/18** | $13498 | $14092 |
| **10/18** | $12125 | $12865 |
| **11/18** | $12689 | $13395 |
| **12/18** | $12155 | $13040 |
| **01/19** | $13372 | $14182 |
| **02/19** | $13513 | $14214 |
| **03/19** | $13905 | $14333 |
| **04/19** | $14292 | $14635 |
| **05/19** | $13347 | $13573 |
| **06/19** | $14291 | $14420 |
| **07/19** | $14240 | $14244 |
| **08/19** | $13802 | $13549 |
| **09/19** | $14055 | $13808 |
| **10/19** | $14720 | $14390 |
| **11/19** | $14855 | $14370 |
| **12/19** | $15983 | $15443 |
| **01/20** | $15554 | $14723 |
| **02/20** | $14914 | $13946 |
| **03/20** | $11936 | $11798 |
| **04/20** | $13244 | $12879 |
| **05/20** | $13933 | $12978 |
| **06/20** | $15320 | $13932 |
| **07/20** | $16958 | $15177 |
| **08/20** | $17728 | $15512 |
| **09/20** | $17680 | $15263 |
| **10/20** | $18099 | $15578 |
| **11/20** | $19786 | $17018 |
| **12/20** | $21356 | $18270 |
| **01/21** | $22136 | $18830 |
| **02/21** | $22438 | $18974 |
| **03/21** | $21735 | $18687 |
| **04/21** | $22228 | $19152 |
| **05/21** | $22425 | $19597 |
| **06/21** | $23064 | $19630 |
| **07/21** | $21268 | $18309 |
| **08/21** | $21941 | $18788 |
| **09/21** | $20992 | $18042 |
| **10/21** | $21074 | $18220 |
| **11/21** | $19870 | $17477 |
| **12/21** | $19818 | $17805 |
| **01/22** | $18890 | $17468 |
| **02/22** | $17135 | $16946 |
| **03/22** | $16114 | $16563 |
| **04/22** | $14940 | $15642 |
| **05/22** | $14920 | $15711 |
| **06/22** | $13889 | $14667 |
| **07/22** | $13919 | $14631 |
| **08/22** | $13963 | $14692 |
| **09/22** | $12294 | $12970 |
| **10/22** | $12057 | $12567 |
| **11/22** | $13727 | $14431 |
| **12/22** | $13298 | $14228 |
| **01/23** | $14421 | $15351 |
| **02/23** | $13328 | $14356 |
| **03/23** | $13654 | $14791 |
| **04/23** | $13520 | $14623 |
| **05/23** | $13313 | $14377 |
| **06/23** | $14112 | $14923 |
| **07/23** | $14807 | $15852 |
| **08/23** | $13935 | $14876 |
| **09/23** | $13446 | $14487 |
| **10/23** | $12958 | $13924 |
| **11/23** | $14112 | $15038 |
| **12/23** | $14556 | $15626 |
| **01/24** | $13890 | $14901 |
| **02/24** | $14408 | $15609 |
| **03/24** | $14814 | $15996 |
| **04/24** | $14649 | $16068 |
| **05/24** | $14843 | $16159 |
| **06/24** | $15398 | $16796 |
| **07/24** | $15233 | $16846 |
| **08/24** | $15353 | $17118 |
| **09/24** | $16042 | $18261 |
| **10/24** | $15592 | $17449 |
| **11/24** | $15293 | $16822 |
| **12/24** | $15383 | $16799 |
| **01/25** | $15637 | $17099 |
| **02/25** | $15592 | $17182 |
| **03/25** | $15536 | $17291 |
| **04/25** | $15671 | $17518 |
| **05/25** | $16422 | $18265 |
| **06/25** | $17519 | $19363 |
| **07/25** | $17519 | $19741 |
| **08/25** | $18075 | $19994 |
| **09/25** | $19502 | $21424 |
| **10/25** | $20058 | $22320 |
| **11/25** | $19682 | $21786 |
| **12/25** | $20178 | $22438 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 31.17 | (1.13) | 7.27 |
| MSCI Emerging Markets Index (Net) | 33.57 | 4.20 | 8.42 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $484336472 |
| **Total number of portfolio holdings** | 93 |
| **Management services fees (represents 1.10% of Fund average net assets)** | $5097842 |
| **Portfolio turnover for the reporting period** | 56% |

---

Columbia Variable Portfolio – Emerging Markets Fund \| Class 1 **\|** ASR7007_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| China | 26.6% |
| Taiwan | 21.1% |
| South Korea | 15.6% |
| India | 10.4% |
| Brazil | 7.6% |
| Greece | 4.5% |
| United Arab Emirates | 3.2% |
| South Africa | 2.1% |
| Poland | 1.3% |
| Mexico | 1.3% |
| Other | 4.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.7% |
| Tencent Holdings Ltd. | 6.4% |
| Samsung Electronics Co., Ltd. | 4.8% |
| SK Hynix, Inc. | 4.3% |
| Alibaba Group Holding Ltd. | 3.6% |
| NU Holdings Ltd., Class A | 3.0% |
| Accton Technology Corp. | 2.1% |
| Bharti Airtel Ltd. | 1.8% |
| Embraer SA, ADR | 1.7% |
| Contemporary Amperex Technology Co., Ltd., Class A | 1.7% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 20.1% |
| Consumer Discretionary | 12.1% |
| Communication Services | 10.1% |
| Industrials | 9.7% |
| Real Estate | 4.4% |
| Health Care | 3.0% |
| Materials | 2.5% |
| Energy | 2.4% |
| Consumer Staples | 2.4% |
| Other | 1.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Emerging Markets Fund \| Class 1 **\|** ASR7007_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Emerging Markets Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Emerging Markets Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $155 | 1.34% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the information technology, health care, materials and communication services sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| A larger allocation to the information technology sector and smaller allocations to the energy, utilities and financials sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in SK Hynix, a South Korean semiconductor manufacturer; HD Hyundai Electric, a South Korean manufacturer of electrical equipment; ASPEED Technology, a Taiwanese cloud services provider; Meituan, a Chinese online food ordering and delivery service; and National Bank of Greece, a Greek financial services company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the consumer discretionary, energy and utilities sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Large weightings in the real estate, consumer staples and consumer discretionary sectors and a small allocation to the materials sector detracted from the Fund's relative performance.

**Individual holdings** \| Fund positions in Alibaba Group, the leading Chinese ecommerce and digital media company; eMemory Technology, a Taiwanese semiconductor developer; Trip.com, a global one-stop travel platform headquartered in Singapore; Samsung Electronics, a South Korean manufacturer of electronics and computer peripherals; and ICICI Bank Ltd., an Indian banking and financial services company, were top detractors from the Fund's relative performance during the period.

Columbia Variable Portfolio – Emerging Markets Fund \| Class 2 **\|** ASR7007_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g81i60.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Emerging Markets Fund Class 2 ($19672)** | **MSCI Emerging Markets Index (Net) ($22438)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9460 | $9351 |
| **02/16** | $9254 | $9336 |
| **03/16** | $10200 | $10571 |
| **04/16** | $10200 | $10629 |
| **05/16** | $10155 | $10232 |
| **06/16** | $10451 | $10641 |
| **07/16** | $10961 | $11177 |
| **08/16** | $11176 | $11455 |
| **09/16** | $11405 | $11602 |
| **10/16** | $11154 | $11630 |
| **11/16** | $10503 | $11094 |
| **12/16** | $10481 | $11119 |
| **01/17** | $11124 | $11727 |
| **02/17** | $11317 | $12086 |
| **03/17** | $11770 | $12391 |
| **04/17** | $12177 | $12662 |
| **05/17** | $12643 | $13037 |
| **06/17** | $12880 | $13168 |
| **07/17** | $13715 | $13953 |
| **08/17** | $14130 | $14264 |
| **09/17** | $14329 | $14208 |
| **10/17** | $14825 | $14706 |
| **11/17** | $14943 | $14735 |
| **12/17** | $15417 | $15264 |
| **01/18** | $16401 | $16536 |
| **02/18** | $15720 | $15774 |
| **03/18** | $15633 | $15480 |
| **04/18** | $15100 | $15412 |
| **05/18** | $14871 | $14866 |
| **06/18** | $14160 | $14248 |
| **07/18** | $14293 | $14561 |
| **08/18** | $13627 | $14167 |
| **09/18** | $13402 | $14092 |
| **10/18** | $12037 | $12865 |
| **11/18** | $12601 | $13395 |
| **12/18** | $12059 | $13040 |
| **01/19** | $13268 | $14182 |
| **02/19** | $13409 | $14214 |
| **03/19** | $13785 | $14333 |
| **04/19** | $14164 | $14635 |
| **05/19** | $13236 | $13573 |
| **06/19** | $14163 | $14420 |
| **07/19** | $14113 | $14244 |
| **08/19** | $13675 | $13549 |
| **09/19** | $13919 | $13808 |
| **10/19** | $14576 | $14390 |
| **11/19** | $14711 | $14370 |
| **12/19** | $15814 | $15443 |
| **01/20** | $15393 | $14723 |
| **02/20** | $14753 | $13946 |
| **03/20** | $11805 | $11798 |
| **04/20** | $13101 | $12879 |
| **05/20** | $13770 | $12978 |
| **06/20** | $15135 | $13932 |
| **07/20** | $16760 | $15177 |
| **08/20** | $17510 | $15512 |
| **09/20** | $17461 | $15263 |
| **10/20** | $17870 | $15578 |
| **11/20** | $19534 | $17018 |
| **12/20** | $21082 | $18270 |
| **01/21** | $21841 | $18830 |
| **02/21** | $22142 | $18974 |
| **03/21** | $21436 | $18687 |
| **04/21** | $21927 | $19152 |
| **05/21** | $22113 | $19597 |
| **06/21** | $22740 | $19630 |
| **07/21** | $20970 | $18309 |
| **08/21** | $21621 | $18788 |
| **09/21** | $20686 | $18042 |
| **10/21** | $20757 | $18220 |
| **11/21** | $19567 | $17477 |
| **12/21** | $19506 | $17805 |
| **01/22** | $18601 | $17468 |
| **02/22** | $16862 | $16946 |
| **03/22** | $15865 | $16563 |
| **04/22** | $14696 | $15642 |
| **05/22** | $14675 | $15711 |
| **06/22** | $13662 | $14667 |
| **07/22** | $13677 | $14631 |
| **08/22** | $13721 | $14692 |
| **09/22** | $12076 | $12970 |
| **10/22** | $11854 | $12567 |
| **11/22** | $13484 | $14431 |
| **12/22** | $13054 | $14228 |
| **01/23** | $14166 | $15351 |
| **02/23** | $13084 | $14356 |
| **03/23** | $13410 | $14791 |
| **04/23** | $13277 | $14623 |
| **05/23** | $13069 | $14377 |
| **06/23** | $13855 | $14923 |
| **07/23** | $14521 | $15852 |
| **08/23** | $13662 | $14876 |
| **09/23** | $13188 | $14487 |
| **10/23** | $12699 | $13924 |
| **11/23** | $13825 | $15038 |
| **12/23** | $14255 | $15626 |
| **01/24** | $13603 | $14901 |
| **02/24** | $14106 | $15609 |
| **03/24** | $14493 | $15996 |
| **04/24** | $14343 | $16068 |
| **05/24** | $14523 | $16159 |
| **06/24** | $15062 | $16796 |
| **07/24** | $14897 | $16846 |
| **08/24** | $15017 | $17118 |
| **09/24** | $15691 | $18261 |
| **10/24** | $15242 | $17449 |
| **11/24** | $14942 | $16822 |
| **12/24** | $15032 | $16799 |
| **01/25** | $15287 | $17099 |
| **02/25** | $15227 | $17182 |
| **03/25** | $15162 | $17291 |
| **04/25** | $15297 | $17518 |
| **05/25** | $16031 | $18265 |
| **06/25** | $17110 | $19363 |
| **07/25** | $17095 | $19741 |
| **08/25** | $17634 | $19994 |
| **09/25** | $19028 | $21424 |
| **10/25** | $19567 | $22320 |
| **11/25** | $19193 | $21786 |
| **12/25** | $19672 | $22438 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 30.87 | (1.37) | 7.00 |
| MSCI Emerging Markets Index (Net) | 33.57 | 4.20 | 8.42 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $484336472 |
| **Total number of portfolio holdings** | 93 |
| **Management services fees (represents 1.10% of Fund average net assets)** | $5097842 |
| **Portfolio turnover for the reporting period** | 56% |

---

Columbia Variable Portfolio – Emerging Markets Fund \| Class 2 **\|** ASR7007_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| China | 26.6% |
| Taiwan | 21.1% |
| South Korea | 15.6% |
| India | 10.4% |
| Brazil | 7.6% |
| Greece | 4.5% |
| United Arab Emirates | 3.2% |
| South Africa | 2.1% |
| Poland | 1.3% |
| Mexico | 1.3% |
| Other | 4.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.7% |
| Tencent Holdings Ltd. | 6.4% |
| Samsung Electronics Co., Ltd. | 4.8% |
| SK Hynix, Inc. | 4.3% |
| Alibaba Group Holding Ltd. | 3.6% |
| NU Holdings Ltd., Class A | 3.0% |
| Accton Technology Corp. | 2.1% |
| Bharti Airtel Ltd. | 1.8% |
| Embraer SA, ADR | 1.7% |
| Contemporary Amperex Technology Co., Ltd., Class A | 1.7% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 20.1% |
| Consumer Discretionary | 12.1% |
| Communication Services | 10.1% |
| Industrials | 9.7% |
| Real Estate | 4.4% |
| Health Care | 3.0% |
| Materials | 2.5% |
| Energy | 2.4% |
| Consumer Staples | 2.4% |
| Other | 1.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Emerging Markets Fund \| Class 2 **\|** ASR7007_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Emerging Markets Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Emerging Markets Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $141 | 1.22% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the information technology, health care, materials and communication services sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| A larger allocation to the information technology sector and smaller allocations to the energy, utilities and financials sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in SK Hynix, a South Korean semiconductor manufacturer; HD Hyundai Electric, a South Korean manufacturer of electrical equipment; ASPEED Technology, a Taiwanese cloud services provider; Meituan, a Chinese online food ordering and delivery service; and National Bank of Greece, a Greek financial services company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the consumer discretionary, energy and utilities sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Large weightings in the real estate, consumer staples and consumer discretionary sectors and a small allocation to the materials sector detracted from the Fund's relative performance.

**Individual holdings** \| Fund positions in Alibaba Group, the leading Chinese ecommerce and digital media company; eMemory Technology, a Taiwanese semiconductor developer; Trip.com, a global one-stop travel platform headquartered in Singapore; Samsung Electronics, a South Korean manufacturer of electronics and computer peripherals; and ICICI Bank Ltd., an Indian banking and financial services company, were top detractors from the Fund's relative performance during the period.

Columbia Variable Portfolio – Emerging Markets Fund \| Class 3 **\|** ASR7007_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g95u47.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Emerging Markets Fund Class 3 ($19911)** | **MSCI Emerging Markets Index (Net) ($22438)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9462 | $9351 |
| **02/16** | $9264 | $9336 |
| **03/16** | $10202 | $10571 |
| **04/16** | $10209 | $10629 |
| **05/16** | $10165 | $10232 |
| **06/16** | $10460 | $10641 |
| **07/16** | $10969 | $11177 |
| **08/16** | $11190 | $11455 |
| **09/16** | $11426 | $11602 |
| **10/16** | $11168 | $11630 |
| **11/16** | $10519 | $11094 |
| **12/16** | $10497 | $11119 |
| **01/17** | $11146 | $11727 |
| **02/17** | $11337 | $12086 |
| **03/17** | $11791 | $12391 |
| **04/17** | $12204 | $12662 |
| **05/17** | $12669 | $13037 |
| **06/17** | $12905 | $13168 |
| **07/17** | $13747 | $13953 |
| **08/17** | $14160 | $14264 |
| **09/17** | $14366 | $14208 |
| **10/17** | $14861 | $14706 |
| **11/17** | $14986 | $14735 |
| **12/17** | $15466 | $15264 |
| **01/18** | $16447 | $16536 |
| **02/18** | $15761 | $15774 |
| **03/18** | $15683 | $15480 |
| **04/18** | $15151 | $15412 |
| **05/18** | $14922 | $14866 |
| **06/18** | $14205 | $14248 |
| **07/18** | $14338 | $14561 |
| **08/18** | $13673 | $14167 |
| **09/18** | $13447 | $14092 |
| **10/18** | $12083 | $12865 |
| **11/18** | $12647 | $13395 |
| **12/18** | $12105 | $13040 |
| **01/19** | $13321 | $14182 |
| **02/19** | $13462 | $14214 |
| **03/19** | $13842 | $14333 |
| **04/19** | $14228 | $14635 |
| **05/19** | $13293 | $13573 |
| **06/19** | $14227 | $14420 |
| **07/19** | $14177 | $14244 |
| **08/19** | $13739 | $13549 |
| **09/19** | $13983 | $13808 |
| **10/19** | $14648 | $14390 |
| **11/19** | $14783 | $14370 |
| **12/19** | $15893 | $15443 |
| **01/20** | $15473 | $14723 |
| **02/20** | $14833 | $13946 |
| **03/20** | $11874 | $11798 |
| **04/20** | $13171 | $12879 |
| **05/20** | $13849 | $12978 |
| **06/20** | $15223 | $13932 |
| **07/20** | $16858 | $15177 |
| **08/20** | $17617 | $15512 |
| **09/20** | $17559 | $15263 |
| **10/20** | $17977 | $15578 |
| **11/20** | $19661 | $17018 |
| **12/20** | $21218 | $18270 |
| **01/21** | $21987 | $18830 |
| **02/21** | $22289 | $18974 |
| **03/21** | $21584 | $18687 |
| **04/21** | $22065 | $19152 |
| **05/21** | $22262 | $19597 |
| **06/21** | $22899 | $19630 |
| **07/21** | $21118 | $18309 |
| **08/21** | $21780 | $18788 |
| **09/21** | $20833 | $18042 |
| **10/21** | $20914 | $18220 |
| **11/21** | $19714 | $17477 |
| **12/21** | $19663 | $17805 |
| **01/22** | $18737 | $17468 |
| **02/22** | $16996 | $16946 |
| **03/22** | $15989 | $16563 |
| **04/22** | $14818 | $15642 |
| **05/22** | $14788 | $15711 |
| **06/22** | $13770 | $14667 |
| **07/22** | $13799 | $14631 |
| **08/22** | $13829 | $14692 |
| **09/22** | $12174 | $12970 |
| **10/22** | $11952 | $12567 |
| **11/22** | $13607 | $14431 |
| **12/22** | $13179 | $14228 |
| **01/23** | $14287 | $15351 |
| **02/23** | $13193 | $14356 |
| **03/23** | $13533 | $14791 |
| **04/23** | $13400 | $14623 |
| **05/23** | $13193 | $14377 |
| **06/23** | $13977 | $14923 |
| **07/23** | $14671 | $15852 |
| **08/23** | $13784 | $14876 |
| **09/23** | $13312 | $14487 |
| **10/23** | $12824 | $13924 |
| **11/23** | $13962 | $15038 |
| **12/23** | $14405 | $15626 |
| **01/24** | $13740 | $14901 |
| **02/24** | $14257 | $15609 |
| **03/24** | $14644 | $15996 |
| **04/24** | $14495 | $16068 |
| **05/24** | $14674 | $16159 |
| **06/24** | $15227 | $16796 |
| **07/24** | $15063 | $16846 |
| **08/24** | $15182 | $17118 |
| **09/24** | $15855 | $18261 |
| **10/24** | $15406 | $17449 |
| **11/24** | $15122 | $16822 |
| **12/24** | $15197 | $16799 |
| **01/25** | $15466 | $17099 |
| **02/25** | $15406 | $17182 |
| **03/25** | $15345 | $17291 |
| **04/25** | $15480 | $17518 |
| **05/25** | $16213 | $18265 |
| **06/25** | $17306 | $19363 |
| **07/25** | $17306 | $19741 |
| **08/25** | $17860 | $19994 |
| **09/25** | $19253 | $21424 |
| **10/25** | $19806 | $22320 |
| **11/25** | $19432 | $21786 |
| **12/25** | $19911 | $22438 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 31.02 | (1.26) | 7.13 |
| MSCI Emerging Markets Index (Net) | 33.57 | 4.20 | 8.42 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $484336472 |
| **Total number of portfolio holdings** | 93 |
| **Management services fees (represents 1.10% of Fund average net assets)** | $5097842 |
| **Portfolio turnover for the reporting period** | 56% |

---

Columbia Variable Portfolio – Emerging Markets Fund \| Class 3 **\|** ASR7007_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| China | 26.6% |
| Taiwan | 21.1% |
| South Korea | 15.6% |
| India | 10.4% |
| Brazil | 7.6% |
| Greece | 4.5% |
| United Arab Emirates | 3.2% |
| South Africa | 2.1% |
| Poland | 1.3% |
| Mexico | 1.3% |
| Other | 4.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.7% |
| Tencent Holdings Ltd. | 6.4% |
| Samsung Electronics Co., Ltd. | 4.8% |
| SK Hynix, Inc. | 4.3% |
| Alibaba Group Holding Ltd. | 3.6% |
| NU Holdings Ltd., Class A | 3.0% |
| Accton Technology Corp. | 2.1% |
| Bharti Airtel Ltd. | 1.8% |
| Embraer SA, ADR | 1.7% |
| Contemporary Amperex Technology Co., Ltd., Class A | 1.7% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 20.1% |
| Consumer Discretionary | 12.1% |
| Communication Services | 10.1% |
| Industrials | 9.7% |
| Real Estate | 4.4% |
| Health Care | 3.0% |
| Materials | 2.5% |
| Energy | 2.4% |
| Consumer Staples | 2.4% |
| Other | 1.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Emerging Markets Fund \| Class 3 **\|** ASR7007_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Large Cap Growth Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Large Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $77 | 0.71% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the health care, financials, communication services, and consumer discretionary sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Larger weightings in the industrials and communication services sectors and smaller weightings in the energy and materials sectors improved the Fund's relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Alphabet Inc., parent company of Google and other tech businesses; a relative overweight position in Insmed Incorporated, a biopharmaceutical firm focused on rare diseases; a relative overweight position in TE Connectivity plc, a manufacturer of connectors and sensor solutions; a relative overweight position in Exact Sciences Corporation, a diagnostics company specializing in cancer screening; and a relative overweight position in Uber Technologies, Inc., a global ride-hailing and mobility platform, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the information technology, real estate, industrials, and consumer staples sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| A larger weighting in the health care sector and a smaller weighting in the information technology sector detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| A relative underweight position in Oracle Corporation, a global provider of enterprise software and cloud solutions; a relative overweight position in Atlassian, a developer of collaboration and productivity software tools; a relative underweight position in Netflix, Inc., a streaming entertainment service and content producer; a relative underweight position in Palantir Technologies Inc., a provider of big data analytics and AI-driven platforms; and a relative overweight position in ServiceNow, Inc., an enterprise cloud platform for digital workflow automation, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Large Cap Growth Fund \| Class 1 **\|** ASR7013_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g40v13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Large Cap Growth Fund Class 1 ($44009)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Growth Index ($52906)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9079 | $9462 | $9442 |
| **02/16** | $8940 | $9459 | $9438 |
| **03/16** | $9598 | $10117 | $10074 |
| **04/16** | $9582 | $10172 | $9982 |
| **05/16** | $9899 | $10351 | $10176 |
| **06/16** | $9628 | $10374 | $10136 |
| **07/16** | $10155 | $10769 | $10615 |
| **08/16** | $10132 | $10783 | $10562 |
| **09/16** | $10248 | $10792 | $10600 |
| **10/16** | $9946 | $10582 | $10351 |
| **11/16** | $10093 | $10999 | $10577 |
| **12/16** | $10124 | $11205 | $10708 |
| **01/17** | $10542 | $11431 | $11068 |
| **02/17** | $10937 | $11873 | $11528 |
| **03/17** | $11091 | $11881 | $11662 |
| **04/17** | $11401 | $12006 | $11928 |
| **05/17** | $11827 | $12160 | $12238 |
| **06/17** | $11850 | $12244 | $12206 |
| **07/17** | $12206 | $12487 | $12531 |
| **08/17** | $12407 | $12526 | $12760 |
| **09/17** | $12430 | $12793 | $12926 |
| **10/17** | $12748 | $13086 | $13427 |
| **11/17** | $12964 | $13485 | $13835 |
| **12/17** | $12972 | $13636 | $13943 |
| **01/18** | $13971 | $14384 | $14930 |
| **02/18** | $13584 | $13856 | $14539 |
| **03/18** | $13328 | $13541 | $14140 |
| **04/18** | $13289 | $13587 | $14189 |
| **05/18** | $13893 | $13934 | $14811 |
| **06/18** | $13932 | $14024 | $14954 |
| **07/18** | $14342 | $14508 | $15393 |
| **08/18** | $14977 | $15008 | $16235 |
| **09/18** | $15101 | $15065 | $16325 |
| **10/18** | $13560 | $13999 | $14865 |
| **11/18** | $13738 | $14284 | $15023 |
| **12/18** | $12461 | $12983 | $13732 |
| **01/19** | $13684 | $14071 | $14966 |
| **02/19** | $14195 | $14548 | $15501 |
| **03/19** | $14520 | $14801 | $15943 |
| **04/19** | $15194 | $15399 | $16663 |
| **05/19** | $14141 | $14417 | $15610 |
| **06/19** | $15224 | $15430 | $16682 |
| **07/19** | $15503 | $15669 | $17059 |
| **08/19** | $15178 | $15382 | $16928 |
| **09/19** | $15224 | $15649 | $16930 |
| **10/19** | $15681 | $15980 | $17408 |
| **11/19** | $16424 | $16584 | $18180 |
| **12/19** | $16935 | $17063 | $18729 |
| **01/20** | $17314 | $17082 | $19147 |
| **02/20** | $16161 | $15686 | $17843 |
| **03/20** | $14807 | $13613 | $16088 |
| **04/20** | $16881 | $15412 | $18468 |
| **05/20** | $17988 | $16225 | $19708 |
| **06/20** | $18715 | $16584 | $20567 |
| **07/20** | $19861 | $17555 | $22149 |
| **08/20** | $21447 | $18843 | $24434 |
| **09/20** | $20457 | $18155 | $23285 |
| **10/20** | $20015 | $17717 | $22494 |
| **11/20** | $22043 | $19803 | $24797 |
| **12/20** | $22817 | $20640 | $25938 |
| **01/21** | $22763 | $20470 | $25746 |
| **02/21** | $23259 | $21064 | $25740 |
| **03/21** | $23777 | $21861 | $26182 |
| **04/21** | $25410 | $23037 | $27963 |
| **05/21** | $25132 | $23147 | $27577 |
| **06/21** | $26811 | $23727 | $29307 |
| **07/21** | $27647 | $24220 | $30273 |
| **08/21** | $28684 | $24921 | $31404 |
| **09/21** | $26842 | $23776 | $29646 |
| **10/21** | $28831 | $25426 | $32213 |
| **11/21** | $28847 | $25085 | $32410 |
| **12/21** | $29373 | $26101 | $33096 |
| **01/22** | $26974 | $24629 | $30255 |
| **02/22** | $25534 | $23953 | $28970 |
| **03/22** | $26447 | $24762 | $30103 |
| **04/22** | $23336 | $22554 | $26468 |
| **05/22** | $22608 | $22520 | $25853 |
| **06/22** | $20666 | $20634 | $23805 |
| **07/22** | $22926 | $22556 | $26662 |
| **08/22** | $21741 | $21690 | $25420 |
| **09/22** | $19613 | $19683 | $22949 |
| **10/22** | $20797 | $21261 | $24290 |
| **11/22** | $21610 | $22412 | $25397 |
| **12/22** | $20155 | $21108 | $23453 |
| **01/23** | $21757 | $22524 | $25407 |
| **02/23** | $21207 | $21988 | $25106 |
| **03/23** | $22794 | $22683 | $26822 |
| **04/23** | $23127 | $22964 | $27086 |
| **05/23** | $24528 | $23071 | $28321 |
| **06/23** | $26262 | $24629 | $30258 |
| **07/23** | $26966 | $25476 | $31277 |
| **08/23** | $26695 | $25031 | $30996 |
| **09/23** | $25139 | $23854 | $29310 |
| **10/23** | $25085 | $23278 | $28893 |
| **11/23** | $27810 | $25452 | $32043 |
| **12/23** | $28854 | $26708 | $33462 |
| **01/24** | $29845 | $27081 | $34296 |
| **02/24** | $31618 | $28543 | $36636 |
| **03/24** | $32043 | $29458 | $37281 |
| **04/24** | $30820 | $28205 | $35700 |
| **05/24** | $32964 | $29533 | $37837 |
| **06/24** | $35085 | $30510 | $40388 |
| **07/24** | $34280 | $30954 | $39701 |
| **08/24** | $35139 | $31688 | $40528 |
| **09/24** | $35929 | $32366 | $41677 |
| **10/24** | $35581 | $32139 | $41539 |
| **11/24** | $37771 | $34209 | $44233 |
| **12/24** | $37895 | $33255 | $44623 |
| **01/25** | $38661 | $34313 | $45506 |
| **02/25** | $37430 | $33713 | $43871 |
| **03/25** | $33754 | $31762 | $40175 |
| **04/25** | $34551 | $31573 | $40887 |
| **05/25** | $37276 | $33589 | $44505 |
| **06/25** | $39683 | $35290 | $47342 |
| **07/25** | $41169 | $36074 | $49129 |
| **08/25** | $41556 | $36833 | $49679 |
| **09/25** | $43158 | $38110 | $52318 |
| **10/25** | $45085 | $38932 | $54218 |
| **11/25** | $44582 | $39027 | $53236 |
| **12/25** | $44009 | $39030 | $52906 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 16.14 | 14.04 | 15.97 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Growth Index | 18.56 | 15.32 | 18.13 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2741172071 |
| **Total number of portfolio holdings** | 48 |
| **Management services fees (represents 0.68% of Fund average net assets)** | $17480982 |
| **Portfolio turnover for the reporting period** | 43% |

---

Columbia Variable Portfolio – Large Cap Growth Fund \| Class 1 **\|** ASR7013_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 19.1% |
| Systems Software | 15.3% |
| Technology Hardware, Storage & Peripherals | 10.6% |
| Application Software | 2.4% |
| Communications Equipment | 1.2% |
| Other | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.0% |
| Apple, Inc. | 10.6% |
| Microsoft Corp. | 10.4% |
| Amazon.com, Inc. | 6.0% |
| Alphabet, Inc., Class A | 5.1% |
| Broadcom, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.7% |
| Eli Lilly & Co. | 3.8% |
| Visa, Inc., Class A | 2.9% |
| Netflix, Inc. | 2.1% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 49.3% |
| Communication Services | 14.6% |
| Consumer Discretionary | 13.9% |
| Health Care | 8.5% |
| Financials | 6.0% |
| Industrials | 4.1% |
| Consumer Staples | 2.6% |
| Real Estate | 0.7% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name to Columbia Variable Portfolio - Cornerstone Growth Fund. This change will become effective May 1, 2026.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Large Cap Growth Fund \| Class 1 **\|** ASR7013_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Large Cap Growth Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Large Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $104 | 0.96% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the health care, financials, communication services, and consumer discretionary sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Larger weightings in the industrials and communication services sectors and smaller weightings in the energy and materials sectors improved the Fund's relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Alphabet Inc., parent company of Google and other tech businesses; a relative overweight position in Insmed Incorporated, a biopharmaceutical firm focused on rare diseases; a relative overweight position in TE Connectivity plc, a manufacturer of connectors and sensor solutions; a relative overweight position in Exact Sciences Corporation, a diagnostics company specializing in cancer screening; and a relative overweight position in Uber Technologies, Inc., a global ride-hailing and mobility platform, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the information technology, real estate, industrials, and consumer staples sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| A larger weighting in the health care sector and a smaller weighting in the information technology sector detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| A relative underweight position in Oracle Corporation, a global provider of enterprise software and cloud solutions; a relative overweight position in Atlassian, a developer of collaboration and productivity software tools; a relative underweight position in Netflix, Inc., a streaming entertainment service and content producer; a relative underweight position in Palantir Technologies Inc., a provider of big data analytics and AI-driven platforms; and a relative overweight position in ServiceNow, Inc., an enterprise cloud platform for digital workflow automation, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Large Cap Growth Fund \| Class 2 **\|** ASR7013_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g33d96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Large Cap Growth Fund Class 2 ($42946)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Growth Index ($52906)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9081 | $9462 | $9442 |
| **02/16** | $8940 | $9459 | $9438 |
| **03/16** | $9592 | $10117 | $10074 |
| **04/16** | $9576 | $10172 | $9982 |
| **05/16** | $9890 | $10351 | $10176 |
| **06/16** | $9623 | $10374 | $10136 |
| **07/16** | $10149 | $10769 | $10615 |
| **08/16** | $10126 | $10783 | $10562 |
| **09/16** | $10228 | $10792 | $10600 |
| **10/16** | $9929 | $10582 | $10351 |
| **11/16** | $10071 | $10999 | $10577 |
| **12/16** | $10102 | $11205 | $10708 |
| **01/17** | $10518 | $11431 | $11068 |
| **02/17** | $10911 | $11873 | $11528 |
| **03/17** | $11060 | $11881 | $11662 |
| **04/17** | $11375 | $12006 | $11928 |
| **05/17** | $11791 | $12160 | $12238 |
| **06/17** | $11815 | $12244 | $12206 |
| **07/17** | $12168 | $12487 | $12531 |
| **08/17** | $12364 | $12526 | $12760 |
| **09/17** | $12380 | $12793 | $12926 |
| **10/17** | $12702 | $13086 | $13427 |
| **11/17** | $12914 | $13485 | $13835 |
| **12/17** | $12914 | $13636 | $13943 |
| **01/18** | $13904 | $14384 | $14930 |
| **02/18** | $13511 | $13856 | $14539 |
| **03/18** | $13260 | $13541 | $14140 |
| **04/18** | $13221 | $13587 | $14189 |
| **05/18** | $13818 | $13934 | $14811 |
| **06/18** | $13857 | $14024 | $14954 |
| **07/18** | $14258 | $14508 | $15393 |
| **08/18** | $14886 | $15008 | $16235 |
| **09/18** | $15004 | $15065 | $16325 |
| **10/18** | $13472 | $13999 | $14865 |
| **11/18** | $13645 | $14284 | $15023 |
| **12/18** | $12380 | $12983 | $13732 |
| **01/19** | $13590 | $14071 | $14966 |
| **02/19** | $14085 | $14548 | $15501 |
| **03/19** | $14415 | $14801 | $15943 |
| **04/19** | $15075 | $15399 | $16663 |
| **05/19** | $14030 | $14417 | $15610 |
| **06/19** | $15106 | $15430 | $16682 |
| **07/19** | $15373 | $15669 | $17059 |
| **08/19** | $15043 | $15382 | $16928 |
| **09/19** | $15090 | $15649 | $16930 |
| **10/19** | $15538 | $15980 | $17408 |
| **11/19** | $16277 | $16584 | $18180 |
| **12/19** | $16779 | $17063 | $18729 |
| **01/20** | $17148 | $17082 | $19147 |
| **02/20** | $16002 | $15686 | $17843 |
| **03/20** | $14658 | $13613 | $16088 |
| **04/20** | $16709 | $15412 | $18468 |
| **05/20** | $17800 | $16225 | $19708 |
| **06/20** | $18515 | $16584 | $20567 |
| **07/20** | $19647 | $17555 | $22149 |
| **08/20** | $21210 | $18843 | $24434 |
| **09/20** | $20220 | $18155 | $23285 |
| **10/20** | $19788 | $17717 | $22494 |
| **11/20** | $21791 | $19803 | $24797 |
| **12/20** | $22553 | $20640 | $25938 |
| **01/21** | $22490 | $20470 | $25746 |
| **02/21** | $22969 | $21064 | $25740 |
| **03/21** | $23480 | $21861 | $26182 |
| **04/21** | $25082 | $23037 | $27963 |
| **05/21** | $24808 | $23147 | $27577 |
| **06/21** | $26465 | $23727 | $29307 |
| **07/21** | $27282 | $24220 | $30273 |
| **08/21** | $28295 | $24921 | $31404 |
| **09/21** | $26481 | $23776 | $29646 |
| **10/21** | $28429 | $25426 | $32213 |
| **11/21** | $28437 | $25085 | $32410 |
| **12/21** | $28947 | $26101 | $33096 |
| **01/22** | $26575 | $24629 | $30255 |
| **02/22** | $25161 | $23953 | $28970 |
| **03/22** | $26049 | $24762 | $30103 |
| **04/22** | $22985 | $22554 | $26468 |
| **05/22** | $22262 | $22520 | $25853 |
| **06/22** | $20346 | $20634 | $23805 |
| **07/22** | $22561 | $22556 | $26662 |
| **08/22** | $21398 | $21690 | $25420 |
| **09/22** | $19301 | $19683 | $22949 |
| **10/22** | $20456 | $21261 | $24290 |
| **11/22** | $21249 | $22412 | $25397 |
| **12/22** | $19819 | $21108 | $23453 |
| **01/23** | $21383 | $22524 | $25407 |
| **02/23** | $20841 | $21988 | $25106 |
| **03/23** | $22396 | $22683 | $26822 |
| **04/23** | $22726 | $22964 | $27086 |
| **05/23** | $24093 | $23071 | $28321 |
| **06/23** | $25789 | $24629 | $30258 |
| **07/23** | $26473 | $25476 | $31277 |
| **08/23** | $26206 | $25031 | $30996 |
| **09/23** | $24674 | $23854 | $29310 |
| **10/23** | $24619 | $23278 | $28893 |
| **11/23** | $27282 | $25452 | $32043 |
| **12/23** | $28295 | $26708 | $33462 |
| **01/24** | $29262 | $27081 | $34296 |
| **02/24** | $30998 | $28543 | $36636 |
| **03/24** | $31406 | $29458 | $37281 |
| **04/24** | $30204 | $28205 | $35700 |
| **05/24** | $32294 | $29533 | $37837 |
| **06/24** | $34368 | $30510 | $40388 |
| **07/24** | $33566 | $30954 | $39701 |
| **08/24** | $34407 | $31688 | $40528 |
| **09/24** | $35169 | $32366 | $41677 |
| **10/24** | $34823 | $32139 | $41539 |
| **11/24** | $36960 | $34209 | $44233 |
| **12/24** | $37070 | $33255 | $44623 |
| **01/25** | $37816 | $34313 | $45506 |
| **02/25** | $36606 | $33713 | $43871 |
| **03/25** | $33001 | $31762 | $40175 |
| **04/25** | $33771 | $31573 | $40887 |
| **05/25** | $36434 | $33589 | $44505 |
| **06/25** | $38775 | $35290 | $47342 |
| **07/25** | $40220 | $36074 | $49129 |
| **08/25** | $40581 | $36833 | $49679 |
| **09/25** | $42145 | $38110 | $52318 |
| **10/25** | $44014 | $38932 | $54218 |
| **11/25** | $43511 | $39027 | $53236 |
| **12/25** | $42946 | $39030 | $52906 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 15.85 | 13.75 | 15.69 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Growth Index | 18.56 | 15.32 | 18.13 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2741172071 |
| **Total number of portfolio holdings** | 48 |
| **Management services fees (represents 0.68% of Fund average net assets)** | $17480982 |
| **Portfolio turnover for the reporting period** | 43% |

---

Columbia Variable Portfolio – Large Cap Growth Fund \| Class 2 **\|** ASR7013_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 19.1% |
| Systems Software | 15.3% |
| Technology Hardware, Storage & Peripherals | 10.6% |
| Application Software | 2.4% |
| Communications Equipment | 1.2% |
| Other | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.0% |
| Apple, Inc. | 10.6% |
| Microsoft Corp. | 10.4% |
| Amazon.com, Inc. | 6.0% |
| Alphabet, Inc., Class A | 5.1% |
| Broadcom, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.7% |
| Eli Lilly & Co. | 3.8% |
| Visa, Inc., Class A | 2.9% |
| Netflix, Inc. | 2.1% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 49.3% |
| Communication Services | 14.6% |
| Consumer Discretionary | 13.9% |
| Health Care | 8.5% |
| Financials | 6.0% |
| Industrials | 4.1% |
| Consumer Staples | 2.6% |
| Real Estate | 0.7% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name to Columbia Variable Portfolio - Cornerstone Growth Fund. This change will become effective May 1, 2026.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Large Cap Growth Fund \| Class 2 **\|** ASR7013_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Large Cap Growth Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Large Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $91 | 0.84% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the health care, financials, communication services, and consumer discretionary sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Larger weightings in the industrials and communication services sectors and smaller weightings in the energy and materials sectors improved the Fund's relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Alphabet Inc., parent company of Google and other tech businesses; a relative overweight position in Insmed Incorporated, a biopharmaceutical firm focused on rare diseases; a relative overweight position in TE Connectivity plc, a manufacturer of connectors and sensor solutions; a relative overweight position in Exact Sciences Corporation, a diagnostics company specializing in cancer screening; and a relative overweight position in Uber Technologies, Inc., a global ride-hailing and mobility platform, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the information technology, real estate, industrials, and consumer staples sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| A larger weighting in the health care sector and a smaller weighting in the information technology sector detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| A relative underweight position in Oracle Corporation, a global provider of enterprise software and cloud solutions; a relative overweight position in Atlassian, a developer of collaboration and productivity software tools; a relative underweight position in Netflix, Inc., a streaming entertainment service and content producer; a relative underweight position in Palantir Technologies Inc., a provider of big data analytics and AI-driven platforms; and a relative overweight position in ServiceNow, Inc., an enterprise cloud platform for digital workflow automation, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Large Cap Growth Fund \| Class 3 **\|** ASR7013_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g71i34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Large Cap Growth Fund Class 3 ($43466)** | **Russell 1000<sup>®</sup> Index ($39030)** | **Russell 1000<sup>®</sup> Growth Index ($52906)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9073 | $9462 | $9442 |
| **02/16** | $8941 | $9459 | $9438 |
| **03/16** | $9595 | $10117 | $10074 |
| **04/16** | $9579 | $10172 | $9982 |
| **05/16** | $9891 | $10351 | $10176 |
| **06/16** | $9618 | $10374 | $10136 |
| **07/16** | $10148 | $10769 | $10615 |
| **08/16** | $10125 | $10783 | $10562 |
| **09/16** | $10234 | $10792 | $10600 |
| **10/16** | $9938 | $10582 | $10351 |
| **11/16** | $10078 | $10999 | $10577 |
| **12/16** | $10117 | $11205 | $10708 |
| **01/17** | $10530 | $11431 | $11068 |
| **02/17** | $10919 | $11873 | $11528 |
| **03/17** | $11075 | $11881 | $11662 |
| **04/17** | $11386 | $12006 | $11928 |
| **05/17** | $11807 | $12160 | $12238 |
| **06/17** | $11830 | $12244 | $12206 |
| **07/17** | $12181 | $12487 | $12531 |
| **08/17** | $12383 | $12526 | $12760 |
| **09/17** | $12399 | $12793 | $12926 |
| **10/17** | $12718 | $13086 | $13427 |
| **11/17** | $12936 | $13485 | $13835 |
| **12/17** | $12944 | $13636 | $13943 |
| **01/18** | $13933 | $14384 | $14930 |
| **02/18** | $13544 | $13856 | $14539 |
| **03/18** | $13287 | $13541 | $14140 |
| **04/18** | $13248 | $13587 | $14189 |
| **05/18** | $13847 | $13934 | $14811 |
| **06/18** | $13886 | $14024 | $14954 |
| **07/18** | $14299 | $14508 | $15393 |
| **08/18** | $14930 | $15008 | $16235 |
| **09/18** | $15047 | $15065 | $16325 |
| **10/18** | $13512 | $13999 | $14865 |
| **11/18** | $13692 | $14284 | $15023 |
| **12/18** | $12414 | $12983 | $13732 |
| **01/19** | $13629 | $14071 | $14966 |
| **02/19** | $14136 | $14548 | $15501 |
| **03/19** | $14463 | $14801 | $15943 |
| **04/19** | $15125 | $15399 | $16663 |
| **05/19** | $14081 | $14417 | $15610 |
| **06/19** | $15164 | $15430 | $16682 |
| **07/19** | $15436 | $15669 | $17059 |
| **08/19** | $15109 | $15382 | $16928 |
| **09/19** | $15156 | $15649 | $16930 |
| **10/19** | $15607 | $15980 | $17408 |
| **11/19** | $16347 | $16584 | $18180 |
| **12/19** | $16854 | $17063 | $18729 |
| **01/20** | $17227 | $17082 | $19147 |
| **02/20** | $16075 | $15686 | $17843 |
| **03/20** | $14735 | $13613 | $16088 |
| **04/20** | $16791 | $15412 | $18468 |
| **05/20** | $17889 | $16225 | $19708 |
| **06/20** | $18606 | $16584 | $20567 |
| **07/20** | $19751 | $17555 | $22149 |
| **08/20** | $21324 | $18843 | $24434 |
| **09/20** | $20335 | $18155 | $23285 |
| **10/20** | $19899 | $17717 | $22494 |
| **11/20** | $21908 | $19803 | $24797 |
| **12/20** | $22679 | $20640 | $25938 |
| **01/21** | $22617 | $20470 | $25746 |
| **02/21** | $23107 | $21064 | $25740 |
| **03/21** | $23629 | $21861 | $26182 |
| **04/21** | $25241 | $23037 | $27963 |
| **05/21** | $24961 | $23147 | $27577 |
| **06/21** | $26636 | $23727 | $29307 |
| **07/21** | $27461 | $24220 | $30273 |
| **08/21** | $28481 | $24921 | $31404 |
| **09/21** | $26659 | $23776 | $29646 |
| **10/21** | $28629 | $25426 | $32213 |
| **11/21** | $28637 | $25085 | $32410 |
| **12/21** | $29151 | $26101 | $33096 |
| **01/22** | $26768 | $24629 | $30255 |
| **02/22** | $25343 | $23953 | $28970 |
| **03/22** | $26238 | $24762 | $30103 |
| **04/22** | $23154 | $22554 | $26468 |
| **05/22** | $22430 | $22520 | $25853 |
| **06/22** | $20498 | $20634 | $23805 |
| **07/22** | $22741 | $22556 | $26662 |
| **08/22** | $21565 | $21690 | $25420 |
| **09/22** | $19455 | $19683 | $22949 |
| **10/22** | $20623 | $21261 | $24290 |
| **11/22** | $21425 | $22412 | $25397 |
| **12/22** | $19984 | $21108 | $23453 |
| **01/23** | $21565 | $22524 | $25407 |
| **02/23** | $21020 | $21988 | $25106 |
| **03/23** | $22593 | $22683 | $26822 |
| **04/23** | $22921 | $22964 | $27086 |
| **05/23** | $24307 | $23071 | $28321 |
| **06/23** | $26020 | $24629 | $30258 |
| **07/23** | $26713 | $25476 | $31277 |
| **08/23** | $26449 | $25031 | $30996 |
| **09/23** | $24899 | $23854 | $29310 |
| **10/23** | $24844 | $23278 | $28893 |
| **11/23** | $27539 | $25452 | $32043 |
| **12/23** | $28567 | $26708 | $33462 |
| **01/24** | $29548 | $27081 | $34296 |
| **02/24** | $31301 | $28543 | $36636 |
| **03/24** | $31713 | $29458 | $37281 |
| **04/24** | $30506 | $28205 | $35700 |
| **05/24** | $32617 | $29533 | $37837 |
| **06/24** | $34720 | $30510 | $40388 |
| **07/24** | $33917 | $30954 | $39701 |
| **08/24** | $34766 | $31688 | $40528 |
| **09/24** | $35537 | $32366 | $41677 |
| **10/24** | $35195 | $32139 | $41539 |
| **11/24** | $37352 | $34209 | $44233 |
| **12/24** | $37477 | $33255 | $44623 |
| **01/25** | $38232 | $34313 | $45506 |
| **02/25** | $37009 | $33713 | $43871 |
| **03/25** | $33364 | $31762 | $40175 |
| **04/25** | $34151 | $31573 | $40887 |
| **05/25** | $36846 | $33589 | $44505 |
| **06/25** | $39221 | $35290 | $47342 |
| **07/25** | $40685 | $36074 | $49129 |
| **08/25** | $41059 | $36833 | $49679 |
| **09/25** | $42640 | $38110 | $52318 |
| **10/25** | $44540 | $38932 | $54218 |
| **11/25** | $44034 | $39027 | $53236 |
| **12/25** | $43466 | $39030 | $52906 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 15.98 | 13.90 | 15.83 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Russell 1000<sup>®</sup> Growth Index | 18.56 | 15.32 | 18.13 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2741172071 |
| **Total number of portfolio holdings** | 48 |
| **Management services fees (represents 0.68% of Fund average net assets)** | $17480982 |
| **Portfolio turnover for the reporting period** | 43% |

---

Columbia Variable Portfolio – Large Cap Growth Fund \| Class 3 **\|** ASR7013_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 19.1% |
| Systems Software | 15.3% |
| Technology Hardware, Storage & Peripherals | 10.6% |
| Application Software | 2.4% |
| Communications Equipment | 1.2% |
| Other | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.0% |
| Apple, Inc. | 10.6% |
| Microsoft Corp. | 10.4% |
| Amazon.com, Inc. | 6.0% |
| Alphabet, Inc., Class A | 5.1% |
| Broadcom, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.7% |
| Eli Lilly & Co. | 3.8% |
| Visa, Inc., Class A | 2.9% |
| Netflix, Inc. | 2.1% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 49.3% |
| Communication Services | 14.6% |
| Consumer Discretionary | 13.9% |
| Health Care | 8.5% |
| Financials | 6.0% |
| Industrials | 4.1% |
| Consumer Staples | 2.6% |
| Real Estate | 0.7% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name to Columbia Variable Portfolio - Cornerstone Growth Fund. This change will become effective May 1, 2026.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Large Cap Growth Fund \| Class 3 **\|** ASR7013_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Large Cap Index Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Large Cap Index Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $27 | 0.25% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the financials, health care, and communication services sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Smaller allocations to the consumer discretionary and real estate sectors and larger allocations to the communication services sector buoyed the Fund's relative results during the annual period.

**Individual holdings** \| Positions in Alphabet, the holding company of Google and its subsidiaries; JPMorgan Chase, a multi-national financial services company; Citigroup, a global financial services company; Amazon.com, a global technology and commerce company; and Salesforce, a cloud software company specializing in customer relationship management, were among the top relative contributors to Fund performance.

### Top Performance Detractors
**Stock selection** \| Selections in the information technology, industrials and consumer discretionary sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Larger weightings to the consumer staples, financials and health care sectors modestly detracted from relative results.

**Individual holdings** \| Fund positions in Apple, a technology company specializing in consumer electronics, software, and online services; NVIDIA, a semiconductor company; Broadcom, a semiconductor company; Home Depot, one of the world's largest home improvement retailers; and Newmont, a gold mining company, were among the top relative detractors from the Fund's performance during the period.

Columbia Variable Portfolio – Large Cap Index Fund \| Class 1 **\|** ASR7014_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g84i84.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Large Cap Index Fund Class 1 ($38712)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9503 | $9504 |
| **02/16** | $9483 | $9491 |
| **03/16** | $10124 | $10135 |
| **04/16** | $10164 | $10174 |
| **05/16** | $10347 | $10357 |
| **06/16** | $10366 | $10384 |
| **07/16** | $10746 | $10766 |
| **08/16** | $10759 | $10782 |
| **09/16** | $10759 | $10784 |
| **10/16** | $10556 | $10587 |
| **11/16** | $10948 | $10979 |
| **12/16** | $11158 | $11196 |
| **01/17** | $11367 | $11408 |
| **02/17** | $11818 | $11861 |
| **03/17** | $11825 | $11875 |
| **04/17** | $11942 | $11997 |
| **05/17** | $12112 | $12166 |
| **06/17** | $12184 | $12242 |
| **07/17** | $12433 | $12494 |
| **08/17** | $12466 | $12532 |
| **09/17** | $12721 | $12790 |
| **10/17** | $13015 | $13089 |
| **11/17** | $13407 | $13490 |
| **12/17** | $13551 | $13640 |
| **01/18** | $14330 | $14421 |
| **02/18** | $13793 | $13890 |
| **03/18** | $13440 | $13537 |
| **04/18** | $13486 | $13589 |
| **05/18** | $13813 | $13916 |
| **06/18** | $13891 | $14002 |
| **07/18** | $14408 | $14523 |
| **08/18** | $14872 | $14996 |
| **09/18** | $14951 | $15081 |
| **10/18** | $13924 | $14050 |
| **11/18** | $14205 | $14337 |
| **12/18** | $12917 | $13042 |
| **01/19** | $13950 | $14087 |
| **02/19** | $14395 | $14540 |
| **03/19** | $14670 | $14822 |
| **04/19** | $15265 | $15422 |
| **05/19** | $14290 | $14442 |
| **06/19** | $15291 | $15460 |
| **07/19** | $15507 | $15682 |
| **08/19** | $15258 | $15434 |
| **09/19** | $15540 | $15723 |
| **10/19** | $15873 | $16063 |
| **11/19** | $16449 | $16646 |
| **12/19** | $16939 | $17149 |
| **01/20** | $16933 | $17142 |
| **02/20** | $15533 | $15731 |
| **03/20** | $13617 | $13788 |
| **04/20** | $15350 | $15555 |
| **05/20** | $16076 | $16296 |
| **06/20** | $16390 | $16620 |
| **07/20** | $17312 | $17558 |
| **08/20** | $18548 | $18820 |
| **09/20** | $17842 | $18105 |
| **10/20** | $17364 | $17623 |
| **11/20** | $19261 | $19552 |
| **12/20** | $19993 | $20304 |
| **01/21** | $19784 | $20099 |
| **02/21** | $20327 | $20653 |
| **03/21** | $21216 | $21558 |
| **04/21** | $22341 | $22708 |
| **05/21** | $22492 | $22867 |
| **06/21** | $23015 | $23401 |
| **07/21** | $23558 | $23956 |
| **08/21** | $24271 | $24685 |
| **09/21** | $23133 | $23537 |
| **10/21** | $24748 | $25186 |
| **11/21** | $24572 | $25011 |
| **12/21** | $25670 | $26132 |
| **01/22** | $24336 | $24780 |
| **02/22** | $23604 | $24038 |
| **03/22** | $24474 | $24931 |
| **04/22** | $22335 | $22757 |
| **05/22** | $22368 | $22798 |
| **06/22** | $20517 | $20916 |
| **07/22** | $22400 | $22845 |
| **08/22** | $21485 | $21913 |
| **09/22** | $19503 | $19895 |
| **10/22** | $21079 | $21506 |
| **11/22** | $22250 | $22708 |
| **12/22** | $20961 | $21399 |
| **01/23** | $22276 | $22744 |
| **02/23** | $21727 | $22189 |
| **03/23** | $22518 | $23004 |
| **04/23** | $22865 | $23363 |
| **05/23** | $22956 | $23464 |
| **06/23** | $24474 | $25015 |
| **07/23** | $25252 | $25818 |
| **08/23** | $24840 | $25407 |
| **09/23** | $23656 | $24196 |
| **10/23** | $23152 | $23687 |
| **11/23** | $25258 | $25850 |
| **12/23** | $26403 | $27025 |
| **01/24** | $26841 | $27479 |
| **02/24** | $28267 | $28946 |
| **03/24** | $29169 | $29878 |
| **04/24** | $27973 | $28657 |
| **05/24** | $29353 | $30078 |
| **06/24** | $30405 | $31157 |
| **07/24** | $30765 | $31537 |
| **08/24** | $31504 | $32302 |
| **09/24** | $32171 | $32992 |
| **10/24** | $31870 | $32692 |
| **11/24** | $33741 | $34611 |
| **12/24** | $32923 | $33786 |
| **01/25** | $33839 | $34727 |
| **02/25** | $33388 | $34274 |
| **03/25** | $31498 | $32343 |
| **04/25** | $31275 | $32124 |
| **05/25** | $33237 | $34146 |
| **06/25** | $34918 | $35882 |
| **07/25** | $35697 | $36687 |
| **08/25** | $36416 | $37431 |
| **09/25** | $37737 | $38797 |
| **10/25** | $38607 | $39706 |
| **11/25** | $38698 | $39803 |
| **12/25** | $38712 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 17.58 | 14.13 | 14.49 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.82 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2459232907 |
| **Total number of portfolio holdings** | 505 |
| **Management services fees (represents 0.20% of Fund average net assets)** | $4611776 |
| **Portfolio turnover for the reporting period** | 3% |

---

Columbia Variable Portfolio – Large Cap Index Fund \| Class 1 **\|** ASR7014_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 34.0% |
| Financials | 13.2% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.0% |
| Consumer Staples | 4.6% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Other | 1.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 1.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Large Cap Index Fund \| Class 1 **\|** ASR7014_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Large Cap Index Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Large Cap Index Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $54 | 0.50% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the financials, health care, and communication services sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Smaller allocations to the consumer discretionary and real estate sectors and larger allocations to the communication services sector buoyed the Fund's relative results during the annual period.

**Individual holdings** \| Positions in Alphabet, the holding company of Google and its subsidiaries; JPMorgan Chase, a multi-national financial services company; Citigroup, a global financial services company; Amazon.com, a global technology and commerce company; and Salesforce, a cloud software company specializing in customer relationship management, were among the top relative contributors to Fund performance.

### Top Performance Detractors
**Stock selection** \| Selections in the information technology, industrials and consumer discretionary sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Larger weightings to the consumer staples, financials and health care sectors modestly detracted from relative results.

**Individual holdings** \| Fund positions in Apple, a technology company specializing in consumer electronics, software, and online services; NVIDIA, a semiconductor company; Broadcom, a semiconductor company; Home Depot, one of the world's largest home improvement retailers; and Newmont, a gold mining company, were among the top relative detractors from the Fund's performance during the period.

Columbia Variable Portfolio – Large Cap Index Fund \| Class 2 **\|** ASR7014_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g86y70.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Large Cap Index Fund Class 2 ($37758)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9497 | $9504 |
| **02/16** | $9484 | $9491 |
| **03/16** | $10119 | $10135 |
| **04/16** | $10159 | $10174 |
| **05/16** | $10331 | $10357 |
| **06/16** | $10357 | $10384 |
| **07/16** | $10734 | $10766 |
| **08/16** | $10741 | $10782 |
| **09/16** | $10741 | $10784 |
| **10/16** | $10536 | $10587 |
| **11/16** | $10926 | $10979 |
| **12/16** | $11131 | $11196 |
| **01/17** | $11343 | $11408 |
| **02/17** | $11786 | $11861 |
| **03/17** | $11792 | $11875 |
| **04/17** | $11905 | $11997 |
| **05/17** | $12070 | $12166 |
| **06/17** | $12136 | $12242 |
| **07/17** | $12381 | $12494 |
| **08/17** | $12414 | $12532 |
| **09/17** | $12665 | $12790 |
| **10/17** | $12956 | $13089 |
| **11/17** | $13347 | $13490 |
| **12/17** | $13492 | $13640 |
| **01/18** | $14253 | $14421 |
| **02/18** | $13724 | $13890 |
| **03/18** | $13366 | $13537 |
| **04/18** | $13413 | $13589 |
| **05/18** | $13730 | $13916 |
| **06/18** | $13810 | $14002 |
| **07/18** | $14312 | $14523 |
| **08/18** | $14775 | $14996 |
| **09/18** | $14855 | $15081 |
| **10/18** | $13829 | $14050 |
| **11/18** | $14107 | $14337 |
| **12/18** | $12824 | $13042 |
| **01/19** | $13843 | $14087 |
| **02/19** | $14286 | $14540 |
| **03/19** | $14557 | $14822 |
| **04/19** | $15139 | $15422 |
| **05/19** | $14173 | $14442 |
| **06/19** | $15165 | $15460 |
| **07/19** | $15377 | $15682 |
| **08/19** | $15126 | $15434 |
| **09/19** | $15397 | $15723 |
| **10/19** | $15728 | $16063 |
| **11/19** | $16290 | $16646 |
| **12/19** | $16772 | $17149 |
| **01/20** | $16759 | $17142 |
| **02/20** | $15377 | $15731 |
| **03/20** | $13472 | $13788 |
| **04/20** | $15185 | $15555 |
| **05/20** | $15899 | $16296 |
| **06/20** | $16204 | $16620 |
| **07/20** | $17116 | $17558 |
| **08/20** | $18340 | $18820 |
| **09/20** | $17632 | $18105 |
| **10/20** | $17156 | $17623 |
| **11/20** | $19028 | $19552 |
| **12/20** | $19749 | $20304 |
| **01/21** | $19537 | $20099 |
| **02/21** | $20073 | $20653 |
| **03/21** | $20939 | $21558 |
| **04/21** | $22050 | $22708 |
| **05/21** | $22196 | $22867 |
| **06/21** | $22705 | $23401 |
| **07/21** | $23234 | $23956 |
| **08/21** | $23929 | $24685 |
| **09/21** | $22804 | $23537 |
| **10/21** | $24398 | $25186 |
| **11/21** | $24213 | $25011 |
| **12/21** | $25291 | $26132 |
| **01/22** | $23968 | $24780 |
| **02/22** | $23241 | $24038 |
| **03/22** | $24094 | $24931 |
| **04/22** | $21984 | $22757 |
| **05/22** | $22017 | $22798 |
| **06/22** | $20185 | $20916 |
| **07/22** | $22037 | $22845 |
| **08/22** | $21131 | $21913 |
| **09/22** | $19180 | $19895 |
| **10/22** | $20721 | $21506 |
| **11/22** | $21872 | $22708 |
| **12/22** | $20602 | $21399 |
| **01/23** | $21885 | $22744 |
| **02/23** | $21343 | $22189 |
| **03/23** | $22116 | $23004 |
| **04/23** | $22454 | $23363 |
| **05/23** | $22540 | $23464 |
| **06/23** | $24021 | $25015 |
| **07/23** | $24782 | $25818 |
| **08/23** | $24378 | $25407 |
| **09/23** | $23201 | $24196 |
| **10/23** | $22705 | $23687 |
| **11/23** | $24769 | $25850 |
| **12/23** | $25886 | $27025 |
| **01/24** | $26310 | $27479 |
| **02/24** | $27698 | $28946 |
| **03/24** | $28585 | $29878 |
| **04/24** | $27401 | $28657 |
| **05/24** | $28750 | $30078 |
| **06/24** | $29769 | $31157 |
| **07/24** | $30119 | $31537 |
| **08/24** | $30833 | $32302 |
| **09/24** | $31481 | $32992 |
| **10/24** | $31184 | $32692 |
| **11/24** | $33003 | $34611 |
| **12/24** | $32202 | $33786 |
| **01/25** | $33082 | $34727 |
| **02/25** | $32639 | $34274 |
| **03/25** | $30780 | $32343 |
| **04/25** | $30556 | $32124 |
| **05/25** | $32474 | $34146 |
| **06/25** | $34107 | $35882 |
| **07/25** | $34861 | $36687 |
| **08/25** | $35549 | $37431 |
| **09/25** | $36832 | $38797 |
| **10/25** | $37679 | $39706 |
| **11/25** | $37758 | $39803 |
| **12/25** | $37758 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 17.25 | 13.84 | 14.21 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.82 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2459232907 |
| **Total number of portfolio holdings** | 505 |
| **Management services fees (represents 0.20% of Fund average net assets)** | $4611776 |
| **Portfolio turnover for the reporting period** | 3% |

---

Columbia Variable Portfolio – Large Cap Index Fund \| Class 2 **\|** ASR7014_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 34.0% |
| Financials | 13.2% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.0% |
| Consumer Staples | 4.6% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Other | 1.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 1.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Large Cap Index Fund \| Class 2 **\|** ASR7014_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Large Cap Index Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Large Cap Index Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $41 | 0.38% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the financials, health care, and communication services sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Smaller allocations to the consumer discretionary and real estate sectors and larger allocations to the communication services sector buoyed the Fund's relative results during the annual period.

**Individual holdings** \| Positions in Alphabet, the holding company of Google and its subsidiaries; JPMorgan Chase, a multi-national financial services company; Citigroup, a global financial services company; Amazon.com, a global technology and commerce company; and Salesforce, a cloud software company specializing in customer relationship management, were among the top relative contributors to Fund performance.

### Top Performance Detractors
**Stock selection** \| Selections in the information technology, industrials and consumer discretionary sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Larger weightings to the consumer staples, financials and health care sectors modestly detracted from relative results.

**Individual holdings** \| Fund positions in Apple, a technology company specializing in consumer electronics, software, and online services; NVIDIA, a semiconductor company; Broadcom, a semiconductor company; Home Depot, one of the world's largest home improvement retailers; and Newmont, a gold mining company, were among the top relative detractors from the Fund's performance during the period.

Columbia Variable Portfolio – Large Cap Index Fund \| Class 3 **\|** ASR7014_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g93h98.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Large Cap Index Fund Class 3 ($38238)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9500 | $9504 |
| **02/16** | $9487 | $9491 |
| **03/16** | $10125 | $10135 |
| **04/16** | $10164 | $10174 |
| **05/16** | $10342 | $10357 |
| **06/16** | $10362 | $10384 |
| **07/16** | $10743 | $10766 |
| **08/16** | $10750 | $10782 |
| **09/16** | $10750 | $10784 |
| **10/16** | $10552 | $10587 |
| **11/16** | $10940 | $10979 |
| **12/16** | $11151 | $11196 |
| **01/17** | $11354 | $11408 |
| **02/17** | $11801 | $11861 |
| **03/17** | $11808 | $11875 |
| **04/17** | $11926 | $11997 |
| **05/17** | $12091 | $12166 |
| **06/17** | $12163 | $12242 |
| **07/17** | $12406 | $12494 |
| **08/17** | $12439 | $12532 |
| **09/17** | $12696 | $12790 |
| **10/17** | $12985 | $13089 |
| **11/17** | $13379 | $13490 |
| **12/17** | $13524 | $13640 |
| **01/18** | $14293 | $14421 |
| **02/18** | $13761 | $13890 |
| **03/18** | $13406 | $13537 |
| **04/18** | $13452 | $13589 |
| **05/18** | $13774 | $13916 |
| **06/18** | $13853 | $14002 |
| **07/18** | $14366 | $14523 |
| **08/18** | $14826 | $14996 |
| **09/18** | $14905 | $15081 |
| **10/18** | $13879 | $14050 |
| **11/18** | $14155 | $14337 |
| **12/18** | $12873 | $13042 |
| **01/19** | $13899 | $14087 |
| **02/19** | $14339 | $14540 |
| **03/19** | $14615 | $14822 |
| **04/19** | $15201 | $15422 |
| **05/19** | $14234 | $14442 |
| **06/19** | $15233 | $15460 |
| **07/19** | $15444 | $15682 |
| **08/19** | $15194 | $15434 |
| **09/19** | $15477 | $15723 |
| **10/19** | $15805 | $16063 |
| **11/19** | $16371 | $16646 |
| **12/19** | $16864 | $17149 |
| **01/20** | $16851 | $17142 |
| **02/20** | $15457 | $15731 |
| **03/20** | $13544 | $13788 |
| **04/20** | $15273 | $15555 |
| **05/20** | $15989 | $16296 |
| **06/20** | $16298 | $16620 |
| **07/20** | $17212 | $17558 |
| **08/20** | $18448 | $18820 |
| **09/20** | $17738 | $18105 |
| **10/20** | $17258 | $17623 |
| **11/20** | $19145 | $19552 |
| **12/20** | $19875 | $20304 |
| **01/21** | $19665 | $20099 |
| **02/21** | $20204 | $20653 |
| **03/21** | $21085 | $21558 |
| **04/21** | $22202 | $22708 |
| **05/21** | $22347 | $22867 |
| **06/21** | $22860 | $23401 |
| **07/21** | $23399 | $23956 |
| **08/21** | $24103 | $24685 |
| **09/21** | $22972 | $23537 |
| **10/21** | $24576 | $25186 |
| **11/21** | $24398 | $25011 |
| **12/21** | $25483 | $26132 |
| **01/22** | $24155 | $24780 |
| **02/22** | $23425 | $24038 |
| **03/22** | $24287 | $24931 |
| **04/22** | $22163 | $22757 |
| **05/22** | $22196 | $22798 |
| **06/22** | $20355 | $20916 |
| **07/22** | $22222 | $22845 |
| **08/22** | $21308 | $21913 |
| **09/22** | $19343 | $19895 |
| **10/22** | $20901 | $21506 |
| **11/22** | $22058 | $22708 |
| **12/22** | $20782 | $21399 |
| **01/23** | $22084 | $22744 |
| **02/23** | $21538 | $22189 |
| **03/23** | $22321 | $23004 |
| **04/23** | $22663 | $23363 |
| **05/23** | $22755 | $23464 |
| **06/23** | $24247 | $25015 |
| **07/23** | $25016 | $25818 |
| **08/23** | $24609 | $25407 |
| **09/23** | $23432 | $24196 |
| **10/23** | $22932 | $23687 |
| **11/23** | $25016 | $25850 |
| **12/23** | $26147 | $27025 |
| **01/24** | $26575 | $27479 |
| **02/24** | $27988 | $28946 |
| **03/24** | $28882 | $29878 |
| **04/24** | $27692 | $28657 |
| **05/24** | $29053 | $30078 |
| **06/24** | $30092 | $31157 |
| **07/24** | $30447 | $31537 |
| **08/24** | $31170 | $32302 |
| **09/24** | $31828 | $32992 |
| **10/24** | $31532 | $32692 |
| **11/24** | $33373 | $34611 |
| **12/24** | $32564 | $33786 |
| **01/25** | $33465 | $34727 |
| **02/25** | $33018 | $34274 |
| **03/25** | $31144 | $32343 |
| **04/25** | $30920 | $32124 |
| **05/25** | $32860 | $34146 |
| **06/25** | $34517 | $35882 |
| **07/25** | $35279 | $36687 |
| **08/25** | $35983 | $37431 |
| **09/25** | $37285 | $38797 |
| **10/25** | $38146 | $39706 |
| **11/25** | $38231 | $39803 |
| **12/25** | $38238 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 17.43 | 13.98 | 14.35 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.82 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2459232907 |
| **Total number of portfolio holdings** | 505 |
| **Management services fees (represents 0.20% of Fund average net assets)** | $4611776 |
| **Portfolio turnover for the reporting period** | 3% |

---

Columbia Variable Portfolio – Large Cap Index Fund \| Class 3 **\|** ASR7014_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 34.0% |
| Financials | 13.2% |
| Communication Services | 10.4% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.5% |
| Industrials | 8.0% |
| Consumer Staples | 4.6% |
| Energy | 2.8% |
| Utilities | 2.2% |
| Materials | 1.8% |
| Other | 1.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 1.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Large Cap Index Fund \| Class 3 **\|** ASR7014_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Overseas Core Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Overseas Core Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $95 | 0.80% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the materials, consumer discretionary and financials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Smaller average allocations to the communication services and real estate sectors buoyed relative performance during the annual period.

**Individual holdings** \| Positions in Northern Star Resources, an Australian gold miner; Societe Generale, a French bank; Samsung Electronics, a South Korean technology conglomerate; Pan American Silver, a Canadian silver miner; and National Bank of Greece, a Greek bank, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the consumer staples, communication services and real estate sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Smaller average weightings in the financials, industrials and utilities sectors and a larger average weighting in the consumer discretionary sector detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| Fund positions in Primo Brands, a North American beverage company; Burford Capital, a British litigation finance provider; Check Point Software Technologies, an Israeli cybersecurity company; Otsuka Corporation, a Japanese IT support services company; and Parade Technologies, a semiconductor company, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Overseas Core Fund \| Class 1 **\|** ASR7018_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g81j05.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Overseas Core Fund Class 1 ($21233)** | **MSCI EAFE Index (Net) ($21959)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9301 | $9277 |
| **02/16** | $8846 | $9107 |
| **03/16** | $9469 | $9699 |
| **04/16** | $9573 | $9980 |
| **05/16** | $9647 | $9890 |
| **06/16** | $9159 | $9558 |
| **07/16** | $9553 | $10042 |
| **08/16** | $9501 | $10049 |
| **09/16** | $9624 | $10173 |
| **10/16** | $9310 | $9965 |
| **11/16** | $9131 | $9766 |
| **12/16** | $9400 | $10100 |
| **01/17** | $9617 | $10393 |
| **02/17** | $9721 | $10542 |
| **03/17** | $9934 | $10832 |
| **04/17** | $10312 | $11107 |
| **05/17** | $10742 | $11515 |
| **06/17** | $10755 | $11495 |
| **07/17** | $11113 | $11826 |
| **08/17** | $11136 | $11822 |
| **09/17** | $11476 | $12116 |
| **10/17** | $11690 | $12300 |
| **11/17** | $11743 | $12429 |
| **12/17** | $11987 | $12628 |
| **01/18** | $12613 | $13262 |
| **02/18** | $12002 | $12663 |
| **03/18** | $12015 | $12435 |
| **04/18** | $12046 | $12719 |
| **05/18** | $11814 | $12433 |
| **06/18** | $11580 | $12281 |
| **07/18** | $11682 | $12584 |
| **08/18** | $11416 | $12341 |
| **09/18** | $11570 | $12448 |
| **10/18** | $10699 | $11457 |
| **11/18** | $10692 | $11442 |
| **12/18** | $9993 | $10887 |
| **01/19** | $10935 | $11602 |
| **02/19** | $11233 | $11898 |
| **03/19** | $11262 | $11973 |
| **04/19** | $11531 | $12310 |
| **05/19** | $10796 | $11719 |
| **06/19** | $11420 | $12414 |
| **07/19** | $11234 | $12256 |
| **08/19** | $11141 | $11939 |
| **09/19** | $11445 | $12281 |
| **10/19** | $11865 | $12722 |
| **11/19** | $12126 | $12866 |
| **12/19** | $12539 | $13284 |
| **01/20** | $12221 | $13006 |
| **02/20** | $11238 | $11831 |
| **03/20** | $9230 | $10252 |
| **04/20** | $10248 | $10914 |
| **05/20** | $10908 | $11389 |
| **06/20** | $11267 | $11777 |
| **07/20** | $11564 | $12051 |
| **08/20** | $12082 | $12671 |
| **09/20** | $11826 | $12342 |
| **10/20** | $11326 | $11849 |
| **11/20** | $12962 | $13686 |
| **12/20** | $13682 | $14322 |
| **01/21** | $13528 | $14169 |
| **02/21** | $13981 | $14487 |
| **03/21** | $14560 | $14820 |
| **04/21** | $14908 | $15266 |
| **05/21** | $15334 | $15764 |
| **06/21** | $14917 | $15587 |
| **07/21** | $14986 | $15704 |
| **08/21** | $15444 | $15981 |
| **09/21** | $15065 | $15517 |
| **10/21** | $15195 | $15899 |
| **11/21** | $14416 | $15159 |
| **12/21** | $15045 | $15935 |
| **01/22** | $14676 | $15165 |
| **02/22** | $14297 | $14897 |
| **03/22** | $14081 | $14993 |
| **04/22** | $13147 | $14023 |
| **05/22** | $13468 | $14128 |
| **06/22** | $12128 | $12817 |
| **07/22** | $12586 | $13456 |
| **08/22** | $12204 | $12817 |
| **09/22** | $10972 | $11618 |
| **10/22** | $11637 | $12242 |
| **11/22** | $12990 | $13621 |
| **12/22** | $12837 | $13632 |
| **01/23** | $13786 | $14736 |
| **02/23** | $13360 | $14429 |
| **03/23** | $13666 | $14786 |
| **04/23** | $13989 | $15204 |
| **05/23** | $13332 | $14560 |
| **06/23** | $13833 | $15223 |
| **07/23** | $14300 | $15715 |
| **08/23** | $14022 | $15113 |
| **09/23** | $13633 | $14597 |
| **10/23** | $13132 | $14005 |
| **11/23** | $14100 | $15305 |
| **12/23** | $14845 | $16118 |
| **01/24** | $14645 | $16211 |
| **02/24** | $14656 | $16508 |
| **03/24** | $15184 | $17051 |
| **04/24** | $14835 | $16614 |
| **05/24** | $15601 | $17258 |
| **06/24** | $15240 | $16979 |
| **07/24** | $15845 | $17477 |
| **08/24** | $16345 | $18046 |
| **09/24** | $16589 | $18212 |
| **10/24** | $15845 | $17222 |
| **11/24** | $15915 | $17124 |
| **12/24** | $15357 | $16735 |
| **01/25** | $16066 | $17614 |
| **02/25** | $16391 | $17956 |
| **03/25** | $16782 | $17883 |
| **04/25** | $17447 | $18702 |
| **05/25** | $18171 | $19558 |
| **06/25** | $19037 | $19989 |
| **07/25** | $18812 | $19708 |
| **08/25** | $19797 | $20549 |
| **09/25** | $20283 | $20942 |
| **10/25** | $20390 | $21188 |
| **11/25** | $20699 | $21320 |
| **12/25** | $21233 | $21959 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 38.26 | 9.19 | 7.82 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2018 reflects returns achieved pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $3874168368 |
| **Total number of portfolio holdings** | 156 |
| **Management services fees (represents 0.75% of Fund average net assets)** | $28552122 |
| **Portfolio turnover for the reporting period** | 57% |

---

Columbia Variable Portfolio – Overseas Core Fund \| Class 1 **\|** ASR7018_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 23.5% |
| Netherlands | 8.4% |
| United Kingdom | 8.0% |
| United States | 7.0% |
| France | 6.3% |
| Australia | 3.9% |
| Canada | 3.8% |
| Greece | 3.2% |
| Germany | 3.1% |
| Italy | 3.0% |
| Other | 29.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| AstraZeneca PLC, ADR | 2.4% |
| ING Groep NV | 2.4% |
| Prosus NV, Class N | 2.0% |
| Ping An Insurance Group Co. of China Ltd., Class H | 2.0% |
| Check Point Software Technologies Ltd. | 1.9% |
| Northern Star Resources Ltd. | 1.9% |
| National Bank of Greece SA | 1.9% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1.8% |
| Powszechna Kasa Oszczednosci Bank Polski SA | 1.8% |
| Shell PLC | 1.8% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.4% |
| Information Technology | 13.3% |
| Industrials | 13.1% |
| Consumer Discretionary | 11.8% |
| Health Care | 10.1% |
| Consumer Staples | 9.5% |
| Materials | 7.2% |
| Energy | 7.1% |
| Communication Services | 2.4% |
| Utilities | 1.5% |
| Other | 1.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Overseas Core Fund \| Class 1 **\|** ASR7018_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Overseas Core Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Overseas Core Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $125 | 1.05% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the materials, consumer discretionary and financials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Smaller average allocations to the communication services and real estate sectors buoyed relative performance during the annual period.

**Individual holdings** \| Positions in Northern Star Resources, an Australian gold miner; Societe Generale, a French bank; Samsung Electronics, a South Korean technology conglomerate; Pan American Silver, a Canadian silver miner; and National Bank of Greece, a Greek bank, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the consumer staples, communication services and real estate sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Smaller average weightings in the financials, industrials and utilities sectors and a larger average weighting in the consumer discretionary sector detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| Fund positions in Primo Brands, a North American beverage company; Burford Capital, a British litigation finance provider; Check Point Software Technologies, an Israeli cybersecurity company; Otsuka Corporation, a Japanese IT support services company; and Parade Technologies, a semiconductor company, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Overseas Core Fund \| Class 2 **\|** ASR7018_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g22j14.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Overseas Core Fund Class 2 ($20701)** | **MSCI EAFE Index (Net) ($21959)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9306 | $9277 |
| **02/16** | $8841 | $9107 |
| **03/16** | $9462 | $9699 |
| **04/16** | $9558 | $9980 |
| **05/16** | $9632 | $9890 |
| **06/16** | $9152 | $9558 |
| **07/16** | $9540 | $10042 |
| **08/16** | $9480 | $10049 |
| **09/16** | $9605 | $10173 |
| **10/16** | $9283 | $9965 |
| **11/16** | $9103 | $9766 |
| **12/16** | $9373 | $10100 |
| **01/17** | $9582 | $10393 |
| **02/17** | $9695 | $10542 |
| **03/17** | $9901 | $10832 |
| **04/17** | $10272 | $11107 |
| **05/17** | $10703 | $11515 |
| **06/17** | $10710 | $11495 |
| **07/17** | $11060 | $11826 |
| **08/17** | $11083 | $11822 |
| **09/17** | $11424 | $12116 |
| **10/17** | $11630 | $12300 |
| **11/17** | $11684 | $12429 |
| **12/17** | $11920 | $12628 |
| **01/18** | $12546 | $13262 |
| **02/18** | $11936 | $12663 |
| **03/18** | $11940 | $12435 |
| **04/18** | $11971 | $12719 |
| **05/18** | $11740 | $12433 |
| **06/18** | $11507 | $12281 |
| **07/18** | $11608 | $12584 |
| **08/18** | $11335 | $12341 |
| **09/18** | $11489 | $12448 |
| **10/18** | $10621 | $11457 |
| **11/18** | $10613 | $11442 |
| **12/18** | $9916 | $10887 |
| **01/19** | $10848 | $11602 |
| **02/19** | $11145 | $11898 |
| **03/19** | $11161 | $11973 |
| **04/19** | $11428 | $12310 |
| **05/19** | $10704 | $11719 |
| **06/19** | $11319 | $12414 |
| **07/19** | $11133 | $12256 |
| **08/19** | $11040 | $11939 |
| **09/19** | $11328 | $12281 |
| **10/19** | $11746 | $12722 |
| **11/19** | $12006 | $12866 |
| **12/19** | $12410 | $13284 |
| **01/20** | $12093 | $13006 |
| **02/20** | $11115 | $11831 |
| **03/20** | $9134 | $10252 |
| **04/20** | $10138 | $10914 |
| **05/20** | $10786 | $11389 |
| **06/20** | $11129 | $11777 |
| **07/20** | $11425 | $12051 |
| **08/20** | $11931 | $12671 |
| **09/20** | $11687 | $12342 |
| **10/20** | $11181 | $11849 |
| **11/20** | $12797 | $13686 |
| **12/20** | $13505 | $14322 |
| **01/21** | $13352 | $14169 |
| **02/21** | $13793 | $14487 |
| **03/21** | $14369 | $14820 |
| **04/21** | $14704 | $15266 |
| **05/21** | $15127 | $15764 |
| **06/21** | $14704 | $15587 |
| **07/21** | $14773 | $15704 |
| **08/21** | $15227 | $15981 |
| **09/21** | $14841 | $15517 |
| **10/21** | $14969 | $15899 |
| **11/21** | $14198 | $15159 |
| **12/21** | $14821 | $15935 |
| **01/22** | $14455 | $15165 |
| **02/22** | $14069 | $14897 |
| **03/22** | $13866 | $14993 |
| **04/22** | $12940 | $14023 |
| **05/22** | $13249 | $14128 |
| **06/22** | $11920 | $12817 |
| **07/22** | $12374 | $13456 |
| **08/22** | $11996 | $12817 |
| **09/22** | $10784 | $11618 |
| **10/22** | $11444 | $12242 |
| **11/22** | $12764 | $13621 |
| **12/22** | $12612 | $13632 |
| **01/23** | $13543 | $14736 |
| **02/23** | $13110 | $14429 |
| **03/23** | $13423 | $14786 |
| **04/23** | $13731 | $15204 |
| **05/23** | $13093 | $14560 |
| **06/23** | $13566 | $15223 |
| **07/23** | $14028 | $15715 |
| **08/23** | $13742 | $15113 |
| **09/23** | $13368 | $14597 |
| **10/23** | $12873 | $14005 |
| **11/23** | $13819 | $15305 |
| **12/23** | $14545 | $16118 |
| **01/24** | $14347 | $16211 |
| **02/24** | $14347 | $16508 |
| **03/24** | $14868 | $17051 |
| **04/24** | $14524 | $16614 |
| **05/24** | $15269 | $17258 |
| **06/24** | $14913 | $16979 |
| **07/24** | $15498 | $17477 |
| **08/24** | $15992 | $18046 |
| **09/24** | $16233 | $18212 |
| **10/24** | $15498 | $17222 |
| **11/24** | $15556 | $17124 |
| **12/24** | $15005 | $16735 |
| **01/25** | $15705 | $17614 |
| **02/25** | $16015 | $17956 |
| **03/25** | $16397 | $17883 |
| **04/25** | $17040 | $18702 |
| **05/25** | $17742 | $19558 |
| **06/25** | $18584 | $19989 |
| **07/25** | $18362 | $19708 |
| **08/25** | $19309 | $20549 |
| **09/25** | $19789 | $20942 |
| **10/25** | $19894 | $21188 |
| **11/25** | $20186 | $21320 |
| **12/25** | $20701 | $21959 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 37.96 | 8.92 | 7.55 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2018 reflects returns achieved pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $3874168368 |
| **Total number of portfolio holdings** | 156 |
| **Management services fees (represents 0.75% of Fund average net assets)** | $28552122 |
| **Portfolio turnover for the reporting period** | 57% |

---

Columbia Variable Portfolio – Overseas Core Fund \| Class 2 **\|** ASR7018_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 23.5% |
| Netherlands | 8.4% |
| United Kingdom | 8.0% |
| United States | 7.0% |
| France | 6.3% |
| Australia | 3.9% |
| Canada | 3.8% |
| Greece | 3.2% |
| Germany | 3.1% |
| Italy | 3.0% |
| Other | 29.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| AstraZeneca PLC, ADR | 2.4% |
| ING Groep NV | 2.4% |
| Prosus NV, Class N | 2.0% |
| Ping An Insurance Group Co. of China Ltd., Class H | 2.0% |
| Check Point Software Technologies Ltd. | 1.9% |
| Northern Star Resources Ltd. | 1.9% |
| National Bank of Greece SA | 1.9% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1.8% |
| Powszechna Kasa Oszczednosci Bank Polski SA | 1.8% |
| Shell PLC | 1.8% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.4% |
| Information Technology | 13.3% |
| Industrials | 13.1% |
| Consumer Discretionary | 11.8% |
| Health Care | 10.1% |
| Consumer Staples | 9.5% |
| Materials | 7.2% |
| Energy | 7.1% |
| Communication Services | 2.4% |
| Utilities | 1.5% |
| Other | 1.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Overseas Core Fund \| Class 2 **\|** ASR7018_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Overseas Core Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Overseas Core Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $109 | 0.92% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the materials, consumer discretionary and financials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Smaller average allocations to the communication services and real estate sectors buoyed relative performance during the annual period.

**Individual holdings** \| Positions in Northern Star Resources, an Australian gold miner; Societe Generale, a French bank; Samsung Electronics, a South Korean technology conglomerate; Pan American Silver, a Canadian silver miner; and National Bank of Greece, a Greek bank, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the consumer staples, communication services and real estate sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Smaller average weightings in the financials, industrials and utilities sectors and a larger average weighting in the consumer discretionary sector detracted from the Fund's relative performance during the annual period.

**Individual holdings** \| Fund positions in Primo Brands, a North American beverage company; Burford Capital, a British litigation finance provider; Check Point Software Technologies, an Israeli cybersecurity company; Otsuka Corporation, a Japanese IT support services company; and Parade Technologies, a semiconductor company, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Overseas Core Fund \| Class 3 **\|** ASR7018_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g71o48.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Overseas Core Fund Class 3 ($20968)** | **MSCI EAFE Index (Net) ($21959)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9308 | $9277 |
| **02/16** | $8851 | $9107 |
| **03/16** | $9473 | $9699 |
| **04/16** | $9569 | $9980 |
| **05/16** | $9643 | $9890 |
| **06/16** | $9159 | $9558 |
| **07/16** | $9554 | $10042 |
| **08/16** | $9494 | $10049 |
| **09/16** | $9621 | $10173 |
| **10/16** | $9300 | $9965 |
| **11/16** | $9120 | $9766 |
| **12/16** | $9390 | $10100 |
| **01/17** | $9606 | $10393 |
| **02/17** | $9711 | $10542 |
| **03/17** | $9920 | $10832 |
| **04/17** | $10298 | $11107 |
| **05/17** | $10729 | $11515 |
| **06/17** | $10738 | $11495 |
| **07/17** | $11089 | $11826 |
| **08/17** | $11119 | $11822 |
| **09/17** | $11456 | $12116 |
| **10/17** | $11670 | $12300 |
| **11/17** | $11723 | $12429 |
| **12/17** | $11959 | $12628 |
| **01/18** | $12585 | $13262 |
| **02/18** | $11975 | $12663 |
| **03/18** | $11987 | $12435 |
| **04/18** | $12011 | $12719 |
| **05/18** | $11787 | $12433 |
| **06/18** | $11550 | $12281 |
| **07/18** | $11651 | $12584 |
| **08/18** | $11378 | $12341 |
| **09/18** | $11536 | $12448 |
| **10/18** | $10667 | $11457 |
| **11/18** | $10659 | $11442 |
| **12/18** | $9962 | $10887 |
| **01/19** | $10894 | $11602 |
| **02/19** | $11192 | $11898 |
| **03/19** | $11214 | $11973 |
| **04/19** | $11482 | $12310 |
| **05/19** | $10756 | $11719 |
| **06/19** | $11375 | $12414 |
| **07/19** | $11190 | $12256 |
| **08/19** | $11097 | $11939 |
| **09/19** | $11388 | $12281 |
| **10/19** | $11816 | $12722 |
| **11/19** | $12067 | $12866 |
| **12/19** | $12485 | $13284 |
| **01/20** | $12158 | $13006 |
| **02/20** | $11188 | $11831 |
| **03/20** | $9185 | $10252 |
| **04/20** | $10200 | $10914 |
| **05/20** | $10858 | $11389 |
| **06/20** | $11200 | $11777 |
| **07/20** | $11496 | $12051 |
| **08/20** | $12013 | $12671 |
| **09/20** | $11763 | $12342 |
| **10/20** | $11255 | $11849 |
| **11/20** | $12885 | $13686 |
| **12/20** | $13599 | $14322 |
| **01/21** | $13445 | $14169 |
| **02/21** | $13896 | $14487 |
| **03/21** | $14469 | $14820 |
| **04/21** | $14815 | $15266 |
| **05/21** | $15239 | $15764 |
| **06/21** | $14819 | $15587 |
| **07/21** | $14889 | $15704 |
| **08/21** | $15344 | $15981 |
| **09/21** | $14962 | $15517 |
| **10/21** | $15091 | $15899 |
| **11/21** | $14316 | $15159 |
| **12/21** | $14942 | $15935 |
| **01/22** | $14575 | $15165 |
| **02/22** | $14187 | $14897 |
| **03/22** | $13978 | $14993 |
| **04/22** | $13048 | $14023 |
| **05/22** | $13358 | $14128 |
| **06/22** | $12025 | $12817 |
| **07/22** | $12492 | $13456 |
| **08/22** | $12101 | $12817 |
| **09/22** | $10875 | $11618 |
| **10/22** | $11547 | $12242 |
| **11/22** | $12882 | $13621 |
| **12/22** | $12730 | $13632 |
| **01/23** | $13675 | $14736 |
| **02/23** | $13240 | $14429 |
| **03/23** | $13550 | $14786 |
| **04/23** | $13871 | $15204 |
| **05/23** | $13218 | $14560 |
| **06/23** | $13705 | $15223 |
| **07/23** | $14169 | $15715 |
| **08/23** | $13893 | $15113 |
| **09/23** | $13506 | $14597 |
| **10/23** | $13008 | $14005 |
| **11/23** | $13970 | $15305 |
| **12/23** | $14699 | $16118 |
| **01/24** | $14501 | $16211 |
| **02/24** | $14512 | $16508 |
| **03/24** | $15031 | $17051 |
| **04/24** | $14685 | $16614 |
| **05/24** | $15434 | $17258 |
| **06/24** | $15087 | $16979 |
| **07/24** | $15676 | $17477 |
| **08/24** | $16172 | $18046 |
| **09/24** | $16415 | $18212 |
| **10/24** | $15676 | $17222 |
| **11/24** | $15745 | $17124 |
| **12/24** | $15191 | $16735 |
| **01/25** | $15895 | $17614 |
| **02/25** | $16219 | $17956 |
| **03/25** | $16600 | $17883 |
| **04/25** | $17247 | $18702 |
| **05/25** | $17966 | $19558 |
| **06/25** | $18825 | $19989 |
| **07/25** | $18601 | $19708 |
| **08/25** | $19567 | $20549 |
| **09/25** | $20038 | $20942 |
| **10/25** | $20155 | $21188 |
| **11/25** | $20461 | $21320 |
| **12/25** | $20968 | $21959 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3<sup>Footnote Reference(a)</sup> | 38.03 | 9.05 | 7.69 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2018 reflects returns achieved pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $3874168368 |
| **Total number of portfolio holdings** | 156 |
| **Management services fees (represents 0.75% of Fund average net assets)** | $28552122 |
| **Portfolio turnover for the reporting period** | 57% |

---

Columbia Variable Portfolio – Overseas Core Fund \| Class 3 **\|** ASR7018_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 23.5% |
| Netherlands | 8.4% |
| United Kingdom | 8.0% |
| United States | 7.0% |
| France | 6.3% |
| Australia | 3.9% |
| Canada | 3.8% |
| Greece | 3.2% |
| Germany | 3.1% |
| Italy | 3.0% |
| Other | 29.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| AstraZeneca PLC, ADR | 2.4% |
| ING Groep NV | 2.4% |
| Prosus NV, Class N | 2.0% |
| Ping An Insurance Group Co. of China Ltd., Class H | 2.0% |
| Check Point Software Technologies Ltd. | 1.9% |
| Northern Star Resources Ltd. | 1.9% |
| National Bank of Greece SA | 1.9% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1.8% |
| Powszechna Kasa Oszczednosci Bank Polski SA | 1.8% |
| Shell PLC | 1.8% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.4% |
| Information Technology | 13.3% |
| Industrials | 13.1% |
| Consumer Discretionary | 11.8% |
| Health Care | 10.1% |
| Consumer Staples | 9.5% |
| Materials | 7.2% |
| Energy | 7.1% |
| Communication Services | 2.4% |
| Utilities | 1.5% |
| Other | 1.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Overseas Core Fund \| Class 3 **\|** ASR7018_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Large Cap Value Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Large Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $79 | 0.69% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the materials, financials, industrials, health care, and energy sectors all boosted the Fund's relative performance during the annual period.

**Allocations** \| A large allocation to the information technology sector, as well as smaller allocations to the consumer discretionary and real estate sectors lifted the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Barrick Mining Corp, a global gold and copper mining company; Corning, a manufacturer of specialty glass, ceramics, and optical materials; CVS, a healthcare and pharmacy services provider; Applied Materials, a supplier of semiconductor manufacturing equipment; and Citigroup, a multinational banking and financial services corporation, were top contributors to the Fund's performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the utilities, communications services, consumer discretionary, and real estate sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| An overweight in the energy sector, as well as neutral weights to the industrials and communication services sectors detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Centene Corp, a managed healthcare and insurance services provider; PG&E, a utility company delivering electricity and natural gas; Constellation Brands, a producer and marketer of beer, wine, and spirits; Teradata Corp, a provider of data analytics and cloud-based solutions; and EPAM Systems, a global IT services and digital transformation company, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Class 1 **\|** ASR7020_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g57h30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Large Cap Value Fund Class 1 ($32695)** | **S&P 500<sup>®</sup> Index ($39827)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9265 | $9504 | $9483 |
| **02/16** | $9271 | $9491 | $9481 |
| **03/16** | $9936 | $10135 | $10164 |
| **04/16** | $10134 | $10174 | $10377 |
| **05/16** | $10327 | $10357 | $10539 |
| **06/16** | $10321 | $10384 | $10630 |
| **07/16** | $10718 | $10766 | $10938 |
| **08/16** | $10887 | $10782 | $11023 |
| **09/16** | $10910 | $10784 | $11000 |
| **10/16** | $10828 | $10587 | $10829 |
| **11/16** | $11698 | $10979 | $11448 |
| **12/16** | $11995 | $11196 | $11734 |
| **01/17** | $12065 | $11408 | $11818 |
| **02/17** | $12532 | $11861 | $12242 |
| **03/17** | $12421 | $11875 | $12118 |
| **04/17** | $12515 | $11997 | $12095 |
| **05/17** | $12526 | $12166 | $12083 |
| **06/17** | $12713 | $12242 | $12281 |
| **07/17** | $12847 | $12494 | $12444 |
| **08/17** | $12795 | $12532 | $12299 |
| **09/17** | $13407 | $12790 | $12663 |
| **10/17** | $13588 | $13089 | $12755 |
| **11/17** | $14230 | $13490 | $13146 |
| **12/17** | $14510 | $13640 | $13337 |
| **01/18** | $15117 | $14421 | $13853 |
| **02/18** | $14300 | $13890 | $13192 |
| **03/18** | $13985 | $13537 | $12960 |
| **04/18** | $14119 | $13589 | $13002 |
| **05/18** | $14236 | $13916 | $13080 |
| **06/18** | $14212 | $14002 | $13112 |
| **07/18** | $14860 | $14523 | $13631 |
| **08/18** | $14901 | $14996 | $13832 |
| **09/18** | $14983 | $15081 | $13860 |
| **10/18** | $13880 | $14050 | $13142 |
| **11/18** | $14113 | $14337 | $13534 |
| **12/18** | $12736 | $13042 | $12235 |
| **01/19** | $13909 | $14087 | $13187 |
| **02/19** | $14183 | $14540 | $13608 |
| **03/19** | $14137 | $14822 | $13695 |
| **04/19** | $14948 | $15422 | $14181 |
| **05/19** | $13477 | $14442 | $13269 |
| **06/19** | $14621 | $15460 | $14221 |
| **07/19** | $14825 | $15682 | $14339 |
| **08/19** | $14172 | $15434 | $13918 |
| **09/19** | $14568 | $15723 | $14414 |
| **10/19** | $14977 | $16063 | $14616 |
| **11/19** | $15578 | $16646 | $15068 |
| **12/19** | $16144 | $17149 | $15482 |
| **01/20** | $15397 | $17142 | $15149 |
| **02/20** | $13915 | $15731 | $13682 |
| **03/20** | $11505 | $13788 | $11344 |
| **04/20** | $13069 | $15555 | $12619 |
| **05/20** | $13425 | $16296 | $13051 |
| **06/20** | $13751 | $16620 | $12965 |
| **07/20** | $14446 | $17558 | $13477 |
| **08/20** | $15105 | $18820 | $14035 |
| **09/20** | $14609 | $18105 | $13690 |
| **10/20** | $14358 | $17623 | $13510 |
| **11/20** | $16610 | $19552 | $15327 |
| **12/20** | $17287 | $20304 | $15915 |
| **01/21** | $17503 | $20099 | $15769 |
| **02/21** | $18711 | $20653 | $16722 |
| **03/21** | $19872 | $21558 | $17706 |
| **04/21** | $20630 | $22708 | $18414 |
| **05/21** | $21505 | $22867 | $18844 |
| **06/21** | $20904 | $23401 | $18628 |
| **07/21** | $20648 | $23956 | $18777 |
| **08/21** | $20788 | $24685 | $19150 |
| **09/21** | $20175 | $23537 | $18483 |
| **10/21** | $21354 | $25186 | $19422 |
| **11/21** | $20595 | $25011 | $18737 |
| **12/21** | $21832 | $26132 | $19919 |
| **01/22** | $21925 | $24780 | $19455 |
| **02/22** | $22252 | $24038 | $19229 |
| **03/22** | $22468 | $24931 | $19772 |
| **04/22** | $21173 | $22757 | $18657 |
| **05/22** | $21674 | $22798 | $19020 |
| **06/22** | $19393 | $20916 | $17358 |
| **07/22** | $20414 | $22845 | $18509 |
| **08/22** | $20058 | $21913 | $17957 |
| **09/22** | $18547 | $19895 | $16383 |
| **10/22** | $20741 | $21506 | $18063 |
| **11/22** | $22386 | $22708 | $19191 |
| **12/22** | $21429 | $21399 | $18418 |
| **01/23** | $22433 | $22744 | $19372 |
| **02/23** | $21663 | $22189 | $18689 |
| **03/23** | $21114 | $23004 | $18603 |
| **04/23** | $21149 | $23363 | $18883 |
| **05/23** | $20280 | $23464 | $18155 |
| **06/23** | $21791 | $25015 | $19361 |
| **07/23** | $22520 | $25818 | $20042 |
| **08/23** | $21546 | $25407 | $19501 |
| **09/23** | $20712 | $24196 | $18748 |
| **10/23** | $20204 | $23687 | $18087 |
| **11/23** | $21412 | $25850 | $19451 |
| **12/23** | $22585 | $27025 | $20529 |
| **01/24** | $22503 | $27479 | $20550 |
| **02/24** | $23016 | $28946 | $21308 |
| **03/24** | $24557 | $29878 | $22373 |
| **04/24** | $23851 | $28657 | $21418 |
| **05/24** | $24948 | $30078 | $22097 |
| **06/24** | $24621 | $31157 | $21889 |
| **07/24** | $25601 | $31537 | $23008 |
| **08/24** | $25846 | $32302 | $23625 |
| **09/24** | $26138 | $32992 | $23953 |
| **10/24** | $25782 | $32692 | $23689 |
| **11/24** | $27095 | $34611 | $25202 |
| **12/24** | $25490 | $33786 | $23478 |
| **01/25** | $26546 | $34727 | $24565 |
| **02/25** | $26552 | $34274 | $24665 |
| **03/25** | $26272 | $32343 | $23980 |
| **04/25** | $25443 | $32124 | $23249 |
| **05/25** | $26779 | $34146 | $24065 |
| **06/25** | $27870 | $35882 | $24888 |
| **07/25** | $27760 | $36687 | $25031 |
| **08/25** | $29242 | $37431 | $25829 |
| **09/25** | $29924 | $38797 | $26215 |
| **10/25** | $30443 | $39706 | $26330 |
| **11/25** | $31470 | $39803 | $27030 |
| **12/25** | $32695 | $39827 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 28.27 | 13.59 | 12.58 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.82 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2376152698 |
| **Total number of portfolio holdings** | 38 |
| **Management services fees (represents 0.67% of Fund average net assets)** | $15094205 |
| **Portfolio turnover for the reporting period** | 31% |

---

Columbia Variable Portfolio – Select Large Cap Value Fund \| Class 1 **\|** ASR7020_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 18.3% |
| Information Technology | 14.3% |
| Health Care | 12.5% |
| Industrials | 12.3% |
| Energy | 9.5% |
| Materials | 6.3% |
| Utilities | 6.0% |
| Consumer Staples | 5.9% |
| Communication Services | 5.9% |
| Real Estate | 3.4% |
| Other | 3.0% |

---

### Top Holdings

---

| | |
|:---|:---|
| Verizon Communications, Inc. | 3.9% |
| Freeport-McMoRan, Inc. | 3.8% |
| Boeing Co. (The) | 3.4% |
| American Tower Corp. | 3.4% |
| Salesforce, Inc. | 3.4% |
| AES Corp. (The) | 3.2% |
| Lowe's Companies, Inc. | 3.0% |
| Constellation Brands, Inc., Class A | 3.0% |
| Morgan Stanley | 2.9% |
| EPAM Systems, Inc. | 2.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 97.4% |
| Money Market Funds | 2.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Large Cap Value Fund \| Class 1 **\|** ASR7020_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Large Cap Value Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Large Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $107 | 0.94% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the materials, financials, industrials, health care, and energy sectors all boosted the Fund's relative performance during the annual period.

**Allocations** \| A large allocation to the information technology sector, as well as smaller allocations to the consumer discretionary and real estate sectors lifted the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Barrick Mining Corp, a global gold and copper mining company; Corning, a manufacturer of specialty glass, ceramics, and optical materials; CVS, a healthcare and pharmacy services provider; Applied Materials, a supplier of semiconductor manufacturing equipment; and Citigroup, a multinational banking and financial services corporation, were top contributors to the Fund's performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the utilities, communications services, consumer discretionary, and real estate sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| An overweight in the energy sector, as well as neutral weights to the industrials and communication services sectors detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Centene Corp, a managed healthcare and insurance services provider; PG&E, a utility company delivering electricity and natural gas; Constellation Brands, a producer and marketer of beer, wine, and spirits; Teradata Corp, a provider of data analytics and cloud-based solutions; and EPAM Systems, a global IT services and digital transformation company, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Class 2 **\|** ASR7020_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g79p57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Large Cap Value Fund Class 2 ($31898)** | **S&P 500<sup>®</sup> Index ($39827)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9261 | $9504 | $9483 |
| **02/16** | $9273 | $9491 | $9481 |
| **03/16** | $9929 | $10135 | $10164 |
| **04/16** | $10130 | $10174 | $10377 |
| **05/16** | $10313 | $10357 | $10539 |
| **06/16** | $10308 | $10384 | $10630 |
| **07/16** | $10704 | $10766 | $10938 |
| **08/16** | $10869 | $10782 | $11023 |
| **09/16** | $10893 | $10784 | $11000 |
| **10/16** | $10804 | $10587 | $10829 |
| **11/16** | $11674 | $10979 | $11448 |
| **12/16** | $11963 | $11196 | $11734 |
| **01/17** | $12034 | $11408 | $11818 |
| **02/17** | $12501 | $11861 | $12242 |
| **03/17** | $12383 | $11875 | $12118 |
| **04/17** | $12478 | $11997 | $12095 |
| **05/17** | $12484 | $12166 | $12083 |
| **06/17** | $12667 | $12242 | $12281 |
| **07/17** | $12797 | $12494 | $12444 |
| **08/17** | $12744 | $12532 | $12299 |
| **09/17** | $13347 | $12790 | $12663 |
| **10/17** | $13530 | $13089 | $12755 |
| **11/17** | $14163 | $13490 | $13146 |
| **12/17** | $14441 | $13640 | $13337 |
| **01/18** | $15038 | $14421 | $13853 |
| **02/18** | $14228 | $13890 | $13192 |
| **03/18** | $13909 | $13537 | $12960 |
| **04/18** | $14039 | $13589 | $13002 |
| **05/18** | $14151 | $13916 | $13080 |
| **06/18** | $14128 | $14002 | $13112 |
| **07/18** | $14766 | $14523 | $13631 |
| **08/18** | $14808 | $14996 | $13832 |
| **09/18** | $14879 | $15081 | $13860 |
| **10/18** | $13785 | $14050 | $13142 |
| **11/18** | $14009 | $14337 | $13534 |
| **12/18** | $12643 | $13042 | $12235 |
| **01/19** | $13802 | $14087 | $13187 |
| **02/19** | $14069 | $14540 | $13608 |
| **03/19** | $14027 | $14822 | $13695 |
| **04/19** | $14826 | $15422 | $14181 |
| **05/19** | $13365 | $14442 | $13269 |
| **06/19** | $14494 | $15460 | $14221 |
| **07/19** | $14695 | $15682 | $14339 |
| **08/19** | $14045 | $15434 | $13918 |
| **09/19** | $14435 | $15723 | $14414 |
| **10/19** | $14837 | $16063 | $14616 |
| **11/19** | $15429 | $16646 | $15068 |
| **12/19** | $15985 | $17149 | $15482 |
| **01/20** | $15240 | $17142 | $15149 |
| **02/20** | $13773 | $15731 | $13682 |
| **03/20** | $11384 | $13788 | $11344 |
| **04/20** | $12933 | $15555 | $12619 |
| **05/20** | $13276 | $16296 | $13051 |
| **06/20** | $13601 | $16620 | $12965 |
| **07/20** | $14281 | $17558 | $13477 |
| **08/20** | $14932 | $18820 | $14035 |
| **09/20** | $14441 | $18105 | $13690 |
| **10/20** | $14187 | $17623 | $13510 |
| **11/20** | $16410 | $19552 | $15327 |
| **12/20** | $17073 | $20304 | $15915 |
| **01/21** | $17286 | $20099 | $15769 |
| **02/21** | $18474 | $20653 | $16722 |
| **03/21** | $19616 | $21558 | $17706 |
| **04/21** | $20355 | $22708 | $18414 |
| **05/21** | $21218 | $22867 | $18844 |
| **06/21** | $20621 | $23401 | $18628 |
| **07/21** | $20361 | $23956 | $18777 |
| **08/21** | $20497 | $24685 | $19150 |
| **09/21** | $19894 | $23537 | $18483 |
| **10/21** | $21047 | $25186 | $19422 |
| **11/21** | $20296 | $25011 | $18737 |
| **12/21** | $21508 | $26132 | $19919 |
| **01/22** | $21597 | $24780 | $19455 |
| **02/22** | $21910 | $24038 | $19229 |
| **03/22** | $22123 | $24931 | $19772 |
| **04/22** | $20840 | $22757 | $18657 |
| **05/22** | $21331 | $22798 | $19020 |
| **06/22** | $19083 | $20916 | $17358 |
| **07/22** | $20089 | $22845 | $18509 |
| **08/22** | $19734 | $21913 | $17957 |
| **09/22** | $18238 | $19895 | $16383 |
| **10/22** | $20396 | $21506 | $18063 |
| **11/22** | $22005 | $22708 | $19191 |
| **12/22** | $21064 | $21399 | $18418 |
| **01/23** | $22040 | $22744 | $19372 |
| **02/23** | $21283 | $22189 | $18689 |
| **03/23** | $20739 | $23004 | $18603 |
| **04/23** | $20769 | $23363 | $18883 |
| **05/23** | $19911 | $23464 | $18155 |
| **06/23** | $21390 | $25015 | $19361 |
| **07/23** | $22105 | $25818 | $20042 |
| **08/23** | $21135 | $25407 | $19501 |
| **09/23** | $20319 | $24196 | $18748 |
| **10/23** | $19817 | $23687 | $18087 |
| **11/23** | $20999 | $25850 | $19451 |
| **12/23** | $22141 | $27025 | $20529 |
| **01/24** | $22058 | $27479 | $20550 |
| **02/24** | $22555 | $28946 | $21308 |
| **03/24** | $24063 | $29878 | $22373 |
| **04/24** | $23365 | $28657 | $21418 |
| **05/24** | $24429 | $30078 | $22097 |
| **06/24** | $24104 | $31157 | $21889 |
| **07/24** | $25062 | $31537 | $23008 |
| **08/24** | $25293 | $32302 | $23625 |
| **09/24** | $25577 | $32992 | $23953 |
| **10/24** | $25222 | $32692 | $23689 |
| **11/24** | $26499 | $34611 | $25202 |
| **12/24** | $24926 | $33786 | $23478 |
| **01/25** | $25955 | $34727 | $24565 |
| **02/25** | $25955 | $34274 | $24665 |
| **03/25** | $25677 | $32343 | $23980 |
| **04/25** | $24861 | $32124 | $23249 |
| **05/25** | $26162 | $34146 | $24065 |
| **06/25** | $27221 | $35882 | $24888 |
| **07/25** | $27108 | $36687 | $25031 |
| **08/25** | $28551 | $37431 | $25829 |
| **09/25** | $29213 | $38797 | $26215 |
| **10/25** | $29710 | $39706 | $26330 |
| **11/25** | $30704 | $39803 | $27030 |
| **12/25** | $31898 | $39827 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 27.97 | 13.32 | 12.30 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.82 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2376152698 |
| **Total number of portfolio holdings** | 38 |
| **Management services fees (represents 0.67% of Fund average net assets)** | $15094205 |
| **Portfolio turnover for the reporting period** | 31% |

---

Columbia Variable Portfolio – Select Large Cap Value Fund \| Class 2 **\|** ASR7020_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 18.3% |
| Information Technology | 14.3% |
| Health Care | 12.5% |
| Industrials | 12.3% |
| Energy | 9.5% |
| Materials | 6.3% |
| Utilities | 6.0% |
| Consumer Staples | 5.9% |
| Communication Services | 5.9% |
| Real Estate | 3.4% |
| Other | 3.0% |

---

### Top Holdings

---

| | |
|:---|:---|
| Verizon Communications, Inc. | 3.9% |
| Freeport-McMoRan, Inc. | 3.8% |
| Boeing Co. (The) | 3.4% |
| American Tower Corp. | 3.4% |
| Salesforce, Inc. | 3.4% |
| AES Corp. (The) | 3.2% |
| Lowe's Companies, Inc. | 3.0% |
| Constellation Brands, Inc., Class A | 3.0% |
| Morgan Stanley | 2.9% |
| EPAM Systems, Inc. | 2.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 97.4% |
| Money Market Funds | 2.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Large Cap Value Fund \| Class 2 **\|** ASR7020_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Large Cap Value Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Large Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $94 | 0.82% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the materials, financials, industrials, health care, and energy sectors all boosted the Fund's relative performance during the annual period.

**Allocations** \| A large allocation to the information technology sector, as well as smaller allocations to the consumer discretionary and real estate sectors lifted the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Barrick Mining Corp, a global gold and copper mining company; Corning, a manufacturer of specialty glass, ceramics, and optical materials; CVS, a healthcare and pharmacy services provider; Applied Materials, a supplier of semiconductor manufacturing equipment; and Citigroup, a multinational banking and financial services corporation, were top contributors to the Fund's performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the utilities, communications services, consumer discretionary, and real estate sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| An overweight in the energy sector, as well as neutral weights to the industrials and communication services sectors detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Centene Corp, a managed healthcare and insurance services provider; PG&E, a utility company delivering electricity and natural gas; Constellation Brands, a producer and marketer of beer, wine, and spirits; Teradata Corp, a provider of data analytics and cloud-based solutions; and EPAM Systems, a global IT services and digital transformation company, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Select Large Cap Value Fund \| Class 3 **\|** ASR7020_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g54f54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Large Cap Value Fund Class 3 ($32293)** | **S&P 500<sup>®</sup> Index ($39827)** | **Russell 1000<sup>®</sup> Value Index ($27213)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9265 | $9504 | $9483 |
| **02/16** | $9271 | $9491 | $9481 |
| **03/16** | $9929 | $10135 | $10164 |
| **04/16** | $10135 | $10174 | $10377 |
| **05/16** | $10317 | $10357 | $10539 |
| **06/16** | $10312 | $10384 | $10630 |
| **07/16** | $10705 | $10766 | $10938 |
| **08/16** | $10876 | $10782 | $11023 |
| **09/16** | $10905 | $10784 | $11000 |
| **10/16** | $10817 | $10587 | $10829 |
| **11/16** | $11687 | $10979 | $11448 |
| **12/16** | $11981 | $11196 | $11734 |
| **01/17** | $12052 | $11408 | $11818 |
| **02/17** | $12516 | $11861 | $12242 |
| **03/17** | $12404 | $11875 | $12118 |
| **04/17** | $12499 | $11997 | $12095 |
| **05/17** | $12504 | $12166 | $12083 |
| **06/17** | $12693 | $12242 | $12281 |
| **07/17** | $12822 | $12494 | $12444 |
| **08/17** | $12769 | $12532 | $12299 |
| **09/17** | $13374 | $12790 | $12663 |
| **10/17** | $13557 | $13089 | $12755 |
| **11/17** | $14198 | $13490 | $13146 |
| **12/17** | $14474 | $13640 | $13337 |
| **01/18** | $15073 | $14421 | $13853 |
| **02/18** | $14262 | $13890 | $13192 |
| **03/18** | $13951 | $13537 | $12960 |
| **04/18** | $14080 | $13589 | $13002 |
| **05/18** | $14192 | $13916 | $13080 |
| **06/18** | $14168 | $14002 | $13112 |
| **07/18** | $14815 | $14523 | $13631 |
| **08/18** | $14856 | $14996 | $13832 |
| **09/18** | $14932 | $15081 | $13860 |
| **10/18** | $13833 | $14050 | $13142 |
| **11/18** | $14062 | $14337 | $13534 |
| **12/18** | $12693 | $13042 | $12235 |
| **01/19** | $13857 | $14087 | $13187 |
| **02/19** | $14127 | $14540 | $13608 |
| **03/19** | $14080 | $14822 | $13695 |
| **04/19** | $14885 | $15422 | $14181 |
| **05/19** | $13422 | $14442 | $13269 |
| **06/19** | $14556 | $15460 | $14221 |
| **07/19** | $14762 | $15682 | $14339 |
| **08/19** | $14109 | $15434 | $13918 |
| **09/19** | $14503 | $15723 | $14414 |
| **10/19** | $14909 | $16063 | $14616 |
| **11/19** | $15503 | $16646 | $15068 |
| **12/19** | $16061 | $17149 | $15482 |
| **01/20** | $15320 | $17142 | $15149 |
| **02/20** | $13845 | $15731 | $13682 |
| **03/20** | $11440 | $13788 | $11344 |
| **04/20** | $12998 | $15555 | $12619 |
| **05/20** | $13351 | $16296 | $13051 |
| **06/20** | $13674 | $16620 | $12965 |
| **07/20** | $14362 | $17558 | $13477 |
| **08/20** | $15021 | $18820 | $14035 |
| **09/20** | $14527 | $18105 | $13690 |
| **10/20** | $14274 | $17623 | $13510 |
| **11/20** | $16508 | $19552 | $15327 |
| **12/20** | $17178 | $20304 | $15915 |
| **01/21** | $17396 | $20099 | $15769 |
| **02/21** | $18589 | $20653 | $16722 |
| **03/21** | $19741 | $21558 | $17706 |
| **04/21** | $20494 | $22708 | $18414 |
| **05/21** | $21358 | $22867 | $18844 |
| **06/21** | $20764 | $23401 | $18628 |
| **07/21** | $20506 | $23956 | $18777 |
| **08/21** | $20641 | $24685 | $19150 |
| **09/21** | $20035 | $23537 | $18483 |
| **10/21** | $21199 | $25186 | $19422 |
| **11/21** | $20447 | $25011 | $18737 |
| **12/21** | $21670 | $26132 | $19919 |
| **01/22** | $21758 | $24780 | $19455 |
| **02/22** | $22081 | $24038 | $19229 |
| **03/22** | $22293 | $24931 | $19772 |
| **04/22** | $21005 | $22757 | $18657 |
| **05/22** | $21499 | $22798 | $19020 |
| **06/22** | $19242 | $20916 | $17358 |
| **07/22** | $20247 | $22845 | $18509 |
| **08/22** | $19894 | $21913 | $17957 |
| **09/22** | $18389 | $19895 | $16383 |
| **10/22** | $20564 | $21506 | $18063 |
| **11/22** | $22193 | $22708 | $19191 |
| **12/22** | $21246 | $21399 | $18418 |
| **01/23** | $22234 | $22744 | $19372 |
| **02/23** | $21470 | $22189 | $18689 |
| **03/23** | $20923 | $23004 | $18603 |
| **04/23** | $20958 | $23363 | $18883 |
| **05/23** | $20094 | $23464 | $18155 |
| **06/23** | $21587 | $25015 | $19361 |
| **07/23** | $22310 | $25818 | $20042 |
| **08/23** | $21340 | $25407 | $19501 |
| **09/23** | $20517 | $24196 | $18748 |
| **10/23** | $20006 | $23687 | $18087 |
| **11/23** | $21205 | $25850 | $19451 |
| **12/23** | $22357 | $27025 | $20529 |
| **01/24** | $22275 | $27479 | $20550 |
| **02/24** | $22787 | $28946 | $21308 |
| **03/24** | $24309 | $29878 | $22373 |
| **04/24** | $23604 | $28657 | $21418 |
| **05/24** | $24685 | $30078 | $22097 |
| **06/24** | $24362 | $31157 | $21889 |
| **07/24** | $25332 | $31537 | $23008 |
| **08/24** | $25567 | $32302 | $23625 |
| **09/24** | $25855 | $32992 | $23953 |
| **10/24** | $25503 | $32692 | $23689 |
| **11/24** | $26796 | $34611 | $25202 |
| **12/24** | $25209 | $33786 | $23478 |
| **01/25** | $26249 | $34727 | $24565 |
| **02/25** | $26249 | $34274 | $24665 |
| **03/25** | $25973 | $32343 | $23980 |
| **04/25** | $25150 | $32124 | $23249 |
| **05/25** | $26473 | $34146 | $24065 |
| **06/25** | $27543 | $35882 | $24888 |
| **07/25** | $27431 | $36687 | $25031 |
| **08/25** | $28895 | $37431 | $25829 |
| **09/25** | $29565 | $38797 | $26215 |
| **10/25** | $30071 | $39706 | $26330 |
| **11/25** | $31088 | $39803 | $27030 |
| **12/25** | $32293 | $39827 | $27213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 28.10 | 13.46 | 12.44 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.82 |
| Russell 1000<sup>®</sup> Value Index | 15.91 | 11.33 | 10.53 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2376152698 |
| **Total number of portfolio holdings** | 38 |
| **Management services fees (represents 0.67% of Fund average net assets)** | $15094205 |
| **Portfolio turnover for the reporting period** | 31% |

---

Columbia Variable Portfolio – Select Large Cap Value Fund \| Class 3 **\|** ASR7020_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 18.3% |
| Information Technology | 14.3% |
| Health Care | 12.5% |
| Industrials | 12.3% |
| Energy | 9.5% |
| Materials | 6.3% |
| Utilities | 6.0% |
| Consumer Staples | 5.9% |
| Communication Services | 5.9% |
| Real Estate | 3.4% |
| Other | 3.0% |

---

### Top Holdings

---

| | |
|:---|:---|
| Verizon Communications, Inc. | 3.9% |
| Freeport-McMoRan, Inc. | 3.8% |
| Boeing Co. (The) | 3.4% |
| American Tower Corp. | 3.4% |
| Salesforce, Inc. | 3.4% |
| AES Corp. (The) | 3.2% |
| Lowe's Companies, Inc. | 3.0% |
| Constellation Brands, Inc., Class A | 3.0% |
| Morgan Stanley | 2.9% |
| EPAM Systems, Inc. | 2.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 97.4% |
| Money Market Funds | 2.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Large Cap Value Fund \| Class 3 **\|** ASR7020_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Large Cap Equity Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Large Cap Equity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $72 | 0.67% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the financials, consumer discretionary and health care sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Smaller weightings in the consumer staples, materials and energy sectors and larger weightings in the real estate, industrials and communication services sectors benefited the Fund's relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Citigroup Inc., a global banking and financial services provider; a relative overweight position in Insmed Incorporated, a biopharmaceutical firm focused on rare diseases; a relative overweight position in TE Connectivity plc, a manufacturer of connectors and sensor solutions; a relative overweight position in Exact Sciences Corporation, a diagnostics company specializing in cancer screening; and a relative overweight position in General Motors Company, an automotive manufacturer of cars and trucks, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the information technology, industrials, real estate, consumer staples, communication services, and energy sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Larger weightings in the financials, utilities and consumer discretionary sectors and smaller weightings in the health care and information technology sectors detracted from the Fund relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Broadcom Inc., a designer and manufacturer of semiconductor and infrastructure software solutions; a relative overweight position in AT&T Inc., a telecommunications and media company offering wireless and broadband services; a relative overweight position in Constellation Brands, a producer and marketer of alcoholic beverages; a relative underweight position in Oracle Corporation, a global provider of enterprise software and cloud solutions; and a relative overweight position in Delta Air Lines, Inc., a major U.S. airline providing passenger and cargo services, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Class 1 **\|** ASR7071_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g99g19.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Large Cap Equity Fund Class 1 ($26890)** | **S&P 500<sup>®</sup> Index ($28651)** |
| **01/04/18** | $10000 | $10000 |
| **01/31/18** | $10360 | $10374 |
| **02/28/18** | $9970 | $9992 |
| **03/31/18** | $9720 | $9738 |
| **04/30/18** | $9720 | $9775 |
| **05/31/18** | $9950 | $10011 |
| **06/30/18** | $10010 | $10072 |
| **07/31/18** | $10410 | $10447 |
| **08/31/18** | $10700 | $10788 |
| **09/30/18** | $10770 | $10849 |
| **10/31/18** | $9990 | $10108 |
| **11/30/18** | $10180 | $10314 |
| **12/31/18** | $9290 | $9382 |
| **01/31/19** | $10060 | $10134 |
| **02/28/19** | $10350 | $10460 |
| **03/31/19** | $10500 | $10663 |
| **04/30/19** | $10990 | $11095 |
| **05/31/19** | $10230 | $10390 |
| **06/30/19** | $10960 | $11122 |
| **07/31/19** | $11110 | $11282 |
| **08/31/19** | $10770 | $11103 |
| **09/30/19** | $10960 | $11311 |
| **10/31/19** | $11120 | $11556 |
| **11/30/19** | $11520 | $11975 |
| **12/31/19** | $11890 | $12337 |
| **01/31/20** | $12020 | $12332 |
| **02/29/20** | $11120 | $11317 |
| **03/31/20** | $9860 | $9919 |
| **04/30/20** | $11120 | $11190 |
| **05/31/20** | $11590 | $11723 |
| **06/30/20** | $11870 | $11956 |
| **07/31/20** | $12450 | $12631 |
| **08/31/20** | $13310 | $13539 |
| **09/30/20** | $12780 | $13024 |
| **10/31/20** | $12370 | $12678 |
| **11/30/20** | $13690 | $14065 |
| **12/31/20** | $14230 | $14606 |
| **01/31/21** | $14090 | $14459 |
| **02/28/21** | $14530 | $14858 |
| **03/31/21** | $15300 | $15508 |
| **04/30/21** | $16120 | $16336 |
| **05/31/21** | $16260 | $16450 |
| **06/30/21** | $16610 | $16834 |
| **07/31/21** | $16900 | $17234 |
| **08/31/21** | $17460 | $17758 |
| **09/30/21** | $16480 | $16932 |
| **10/31/21** | $17730 | $18118 |
| **11/30/21** | $17540 | $17993 |
| **12/31/21** | $18410 | $18799 |
| **01/31/22** | $17500 | $17826 |
| **02/28/22** | $16990 | $17293 |
| **03/31/22** | $17470 | $17935 |
| **04/30/22** | $15940 | $16371 |
| **05/31/22** | $15900 | $16401 |
| **06/30/22** | $14680 | $15047 |
| **07/31/22** | $15830 | $16434 |
| **08/31/22** | $15290 | $15764 |
| **09/30/22** | $13870 | $14312 |
| **10/31/22** | $14970 | $15471 |
| **11/30/22** | $15740 | $16336 |
| **12/31/22** | $14810 | $15394 |
| **01/31/23** | $15720 | $16362 |
| **02/28/23** | $15320 | $15962 |
| **03/31/23** | $15940 | $16549 |
| **04/30/23** | $16280 | $16807 |
| **05/31/23** | $16570 | $16880 |
| **06/30/23** | $17660 | $17995 |
| **07/31/23** | $18120 | $18573 |
| **08/31/23** | $17930 | $18278 |
| **09/30/23** | $16960 | $17406 |
| **10/31/23** | $16720 | $17040 |
| **11/30/23** | $18230 | $18596 |
| **12/31/23** | $18960 | $19441 |
| **01/31/24** | $19460 | $19768 |
| **02/29/24** | $20230 | $20823 |
| **03/31/24** | $20780 | $21493 |
| **04/30/24** | $20050 | $20616 |
| **05/31/24** | $21180 | $21638 |
| **06/30/24** | $22100 | $22414 |
| **07/31/24** | $21980 | $22687 |
| **08/31/24** | $22550 | $23237 |
| **09/30/24** | $22780 | $23734 |
| **10/31/24** | $22550 | $23518 |
| **11/30/24** | $23860 | $24899 |
| **12/31/24** | $23530 | $24305 |
| **01/31/25** | $24140 | $24982 |
| **02/28/25** | $23550 | $24656 |
| **03/31/25** | $21780 | $23267 |
| **04/30/25** | $21630 | $23109 |
| **05/31/25** | $22970 | $24564 |
| **06/30/25** | $24220 | $25813 |
| **07/31/25** | $25170 | $26392 |
| **08/31/25** | $25480 | $26927 |
| **09/30/25** | $26060 | $27910 |
| **10/31/25** | $26840 | $28564 |
| **11/30/25** | $26960 | $28634 |
| **12/31/25** | $26890 | $28651 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 1 | 14.28 | 13.57 | 13.18 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.08 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $3251106553 |
| **Total number of portfolio holdings** | 50 |
| **Management services fees (represents 0.66% of Fund average net assets)** | $21635513 |
| **Portfolio turnover for the reporting period** | 44% |

---

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Class 1 **\|** ASR7071_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 33.1% |
| Financials | 15.5% |
| Consumer Discretionary | 12.7% |
| Communication Services | 11.8% |
| Health Care | 8.2% |
| Industrials | 7.7% |
| Consumer Staples | 4.2% |
| Utilities | 4.1% |
| Energy | 1.5% |
| Real Estate | 1.0% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8% |
| Microsoft Corp. | 7.9% |
| Alphabet, Inc., Class C | 7.0% |
| Apple, Inc. | 5.9% |
| Amazon.com, Inc. | 5.2% |
| Meta Platforms, Inc., Class A | 3.4% |
| JPMorgan Chase & Co. | 3.1% |
| Broadcom, Inc. | 3.0% |
| Eli Lilly & Co. | 2.4% |
| MasterCard, Inc., Class A | 2.3% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.8% |
| Other | 0.3% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name to Columbia Variable Portfolio - Cornerstone Equity Fund. This change will become effective May 1, 2026.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Class 1 **\|** ASR7071_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Large Cap Equity Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Large Cap Equity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $98 | 0.92% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the financials, consumer discretionary and health care sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Smaller weightings in the consumer staples, materials and energy sectors and larger weightings in the real estate, industrials and communication services sectors benefited the Fund's relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Citigroup Inc., a global banking and financial services provider; a relative overweight position in Insmed Incorporated, a biopharmaceutical firm focused on rare diseases; a relative overweight position in TE Connectivity plc, a manufacturer of connectors and sensor solutions; a relative overweight position in Exact Sciences Corporation, a diagnostics company specializing in cancer screening; and a relative overweight position in General Motors Company, an automotive manufacturer of cars and trucks, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the information technology, industrials, real estate, consumer staples, communication services, and energy sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Larger weightings in the financials, utilities and consumer discretionary sectors and smaller weightings in the health care and information technology sectors detracted from the Fund relative performance during the annual period.

**Individual holdings** \| A relative overweight position in Broadcom Inc., a designer and manufacturer of semiconductor and infrastructure software solutions; a relative overweight position in AT&T Inc., a telecommunications and media company offering wireless and broadband services; a relative overweight position in Constellation Brands, a producer and marketer of alcoholic beverages; a relative underweight position in Oracle Corporation, a global provider of enterprise software and cloud solutions; and a relative overweight position in Delta Air Lines, Inc., a major U.S. airline providing passenger and cargo services, were among the top detractors from the Fund's relative performance.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Class 2 **\|** ASR7071_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g63s53.jpg)

---

| | | |
|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Large Cap Equity Fund Class 2 ($26360)** | **S&P 500<sup>®</sup> Index ($28651)** |
| **01/04/18** | $10000 | $10000 |
| **01/31/18** | $10360 | $10374 |
| **02/28/18** | $9970 | $9992 |
| **03/31/18** | $9710 | $9738 |
| **04/30/18** | $9720 | $9775 |
| **05/31/18** | $9940 | $10011 |
| **06/30/18** | $10000 | $10072 |
| **07/31/18** | $10400 | $10447 |
| **08/31/18** | $10680 | $10788 |
| **09/30/18** | $10750 | $10849 |
| **10/31/18** | $9970 | $10108 |
| **11/30/18** | $10150 | $10314 |
| **12/31/18** | $9270 | $9382 |
| **01/31/19** | $10030 | $10134 |
| **02/28/19** | $10320 | $10460 |
| **03/31/19** | $10460 | $10663 |
| **04/30/19** | $10950 | $11095 |
| **05/31/19** | $10190 | $10390 |
| **06/30/19** | $10910 | $11122 |
| **07/31/19** | $11060 | $11282 |
| **08/31/19** | $10730 | $11103 |
| **09/30/19** | $10910 | $11311 |
| **10/31/19** | $11070 | $11556 |
| **11/30/19** | $11470 | $11975 |
| **12/31/19** | $11830 | $12337 |
| **01/31/20** | $11960 | $12332 |
| **02/29/20** | $11060 | $11317 |
| **03/31/20** | $9810 | $9919 |
| **04/30/20** | $11060 | $11190 |
| **05/31/20** | $11520 | $11723 |
| **06/30/20** | $11790 | $11956 |
| **07/31/20** | $12370 | $12631 |
| **08/31/20** | $13220 | $13539 |
| **09/30/20** | $12690 | $13024 |
| **10/31/20** | $12290 | $12678 |
| **11/30/20** | $13590 | $14065 |
| **12/31/20** | $14120 | $14606 |
| **01/31/21** | $13980 | $14459 |
| **02/28/21** | $14420 | $14858 |
| **03/31/21** | $15180 | $15508 |
| **04/30/21** | $15990 | $16336 |
| **05/31/21** | $16120 | $16450 |
| **06/30/21** | $16460 | $16834 |
| **07/31/21** | $16750 | $17234 |
| **08/31/21** | $17300 | $17758 |
| **09/30/21** | $16330 | $16932 |
| **10/31/21** | $17560 | $18118 |
| **11/30/21** | $17370 | $17993 |
| **12/31/21** | $18230 | $18799 |
| **01/31/22** | $17320 | $17826 |
| **02/28/22** | $16810 | $17293 |
| **03/31/22** | $17280 | $17935 |
| **04/30/22** | $15760 | $16371 |
| **05/31/22** | $15730 | $16401 |
| **06/30/22** | $14510 | $15047 |
| **07/31/22** | $15650 | $16434 |
| **08/31/22** | $15110 | $15764 |
| **09/30/22** | $13710 | $14312 |
| **10/31/22** | $14790 | $15471 |
| **11/30/22** | $15550 | $16336 |
| **12/31/22** | $14620 | $15394 |
| **01/31/23** | $15520 | $16362 |
| **02/28/23** | $15120 | $15962 |
| **03/31/23** | $15730 | $16549 |
| **04/30/23** | $16060 | $16807 |
| **05/31/23** | $16340 | $16880 |
| **06/30/23** | $17420 | $17995 |
| **07/31/23** | $17870 | $18573 |
| **08/31/23** | $17680 | $18278 |
| **09/30/23** | $16720 | $17406 |
| **10/31/23** | $16480 | $17040 |
| **11/30/23** | $17970 | $18596 |
| **12/31/23** | $18680 | $19441 |
| **01/31/24** | $19170 | $19768 |
| **02/29/24** | $19930 | $20823 |
| **03/31/24** | $20460 | $21493 |
| **04/30/24** | $19740 | $20616 |
| **05/31/24** | $20840 | $21638 |
| **06/30/24** | $21740 | $22414 |
| **07/31/24** | $21620 | $22687 |
| **08/31/24** | $22180 | $23237 |
| **09/30/24** | $22400 | $23734 |
| **10/31/24** | $22170 | $23518 |
| **11/30/24** | $23450 | $24899 |
| **12/31/24** | $23130 | $24305 |
| **01/31/25** | $23710 | $24982 |
| **02/28/25** | $23140 | $24656 |
| **03/31/25** | $21390 | $23267 |
| **04/30/25** | $21240 | $23109 |
| **05/31/25** | $22550 | $24564 |
| **06/30/25** | $23770 | $25813 |
| **07/31/25** | $24700 | $26392 |
| **08/31/25** | $25000 | $26927 |
| **09/30/25** | $25560 | $27910 |
| **10/31/25** | $26320 | $28564 |
| **11/30/25** | $26440 | $28634 |
| **12/31/25** | $26360 | $28651 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | Since Fund Inception |
| Class 2 | 13.96 | 13.30 | 12.90 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.08 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $3251106553 |
| **Total number of portfolio holdings** | 50 |
| **Management services fees (represents 0.66% of Fund average net assets)** | $21635513 |
| **Portfolio turnover for the reporting period** | 44% |

---

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Class 2 **\|** ASR7071_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 33.1% |
| Financials | 15.5% |
| Consumer Discretionary | 12.7% |
| Communication Services | 11.8% |
| Health Care | 8.2% |
| Industrials | 7.7% |
| Consumer Staples | 4.2% |
| Utilities | 4.1% |
| Energy | 1.5% |
| Real Estate | 1.0% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8% |
| Microsoft Corp. | 7.9% |
| Alphabet, Inc., Class C | 7.0% |
| Apple, Inc. | 5.9% |
| Amazon.com, Inc. | 5.2% |
| Meta Platforms, Inc., Class A | 3.4% |
| JPMorgan Chase & Co. | 3.1% |
| Broadcom, Inc. | 3.0% |
| Eli Lilly & Co. | 2.4% |
| MasterCard, Inc., Class A | 2.3% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.8% |
| Other | 0.3% |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On July 2, 2025, the Fund supplemented its prospectus to change the Fund's name to Columbia Variable Portfolio - Cornerstone Equity Fund. This change will become effective May 1, 2026.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Large Cap Equity Fund \| Class 2 **\|** ASR7071_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Mid Cap Value Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Mid Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $88 | 0.82% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the real estate, industrials, and consumer staples sectors contributed to the Fund's relative performance during the annual period.

**Allocations** \| Neutral allocations to the consumer staples and communication services sectors, as well as a smaller allocation to the materials sector lifted the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Corning, a manufacturer of specialty glass, ceramics, and optical materials; ATI, a producer of aerospace and defense; Welltower, a real estate investment trust focused on healthcare infrastructure; CACI, a provider of information technology and professional services for government clients; and Hasbro, a global toy and entertainment company, were top contributors to Fund performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the financials, health care, utilities, and materials sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Allocations to the information technology and health care sectors both detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Global Payments, a payment technology and software solutions provider; Kemper, an insurance and financial services company; Centene, a managed healthcare and insurance services provider; PG&E, a utility company delivering electricity and natural gas; and Marvell, a semiconductor company specializing in data infrastructure solutions, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Class 1 **\|** ASR7021_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g67f25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Mid Cap Value Fund Class 1 ($27005)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Value Index ($25421)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9276 | $9436 | $9447 |
| **02/16** | $9310 | $9433 | $9514 |
| **03/16** | $10120 | $10097 | $10392 |
| **04/16** | $10280 | $10159 | $10615 |
| **05/16** | $10479 | $10341 | $10789 |
| **06/16** | $10456 | $10362 | $10887 |
| **07/16** | $10747 | $10774 | $11348 |
| **08/16** | $10787 | $10801 | $11324 |
| **09/16** | $10810 | $10818 | $11372 |
| **10/16** | $10531 | $10584 | $11096 |
| **11/16** | $11169 | $11058 | $11790 |
| **12/16** | $11415 | $11274 | $12000 |
| **01/17** | $11569 | $11486 | $12202 |
| **02/17** | $11854 | $11913 | $12542 |
| **03/17** | $11814 | $11921 | $12451 |
| **04/17** | $11837 | $12047 | $12475 |
| **05/17** | $11911 | $12171 | $12436 |
| **06/17** | $12037 | $12280 | $12621 |
| **07/17** | $12094 | $12512 | $12788 |
| **08/17** | $11871 | $12536 | $12549 |
| **09/17** | $12270 | $12842 | $12892 |
| **10/17** | $12447 | $13122 | $12995 |
| **11/17** | $12829 | $13521 | $13435 |
| **12/17** | $12961 | $13656 | $13601 |
| **01/18** | $13217 | $14375 | $13913 |
| **02/18** | $12584 | $13846 | $13228 |
| **03/18** | $12596 | $13568 | $13261 |
| **04/18** | $12675 | $13619 | $13326 |
| **05/18** | $12807 | $14004 | $13471 |
| **06/18** | $12847 | $14095 | $13580 |
| **07/18** | $13200 | $14563 | $13949 |
| **08/18** | $13309 | $15074 | $14139 |
| **09/18** | $13246 | $15099 | $14027 |
| **10/18** | $12242 | $13988 | $13017 |
| **11/18** | $12442 | $14268 | $13329 |
| **12/18** | $11238 | $12940 | $11930 |
| **01/19** | $12504 | $14051 | $13158 |
| **02/19** | $13046 | $14545 | $13576 |
| **03/19** | $13052 | $14757 | $13644 |
| **04/19** | $13662 | $15346 | $14094 |
| **05/19** | $12715 | $14353 | $13189 |
| **06/19** | $13571 | $15361 | $14080 |
| **07/19** | $13788 | $15590 | $14197 |
| **08/19** | $13394 | $15272 | $13696 |
| **09/19** | $13851 | $15540 | $14252 |
| **10/19** | $13759 | $15874 | $14328 |
| **11/19** | $14187 | $16478 | $14710 |
| **12/19** | $14792 | $16954 | $15158 |
| **01/20** | $14347 | $16935 | $14863 |
| **02/20** | $12772 | $15549 | $13391 |
| **03/20** | $9932 | $13410 | $10352 |
| **04/20** | $11244 | $15187 | $11734 |
| **05/20** | $11694 | $15999 | $12278 |
| **06/20** | $11814 | $16364 | $12416 |
| **07/20** | $12561 | $17294 | $13003 |
| **08/20** | $13132 | $18546 | $13518 |
| **09/20** | $12972 | $17871 | $13211 |
| **10/20** | $13126 | $17485 | $13334 |
| **11/20** | $15254 | $19613 | $15207 |
| **12/20** | $15898 | $20495 | $15910 |
| **01/21** | $15693 | $20404 | $15874 |
| **02/21** | $17171 | $21042 | $17104 |
| **03/21** | $18049 | $21796 | $17987 |
| **04/21** | $18922 | $22919 | $18857 |
| **05/21** | $19276 | $23024 | $19229 |
| **06/21** | $18888 | $23592 | $19005 |
| **07/21** | $18859 | $23991 | $19123 |
| **08/21** | $19082 | $24675 | $19532 |
| **09/21** | $18551 | $23568 | $18813 |
| **10/21** | $19578 | $25161 | $19815 |
| **11/21** | $19601 | $24778 | $19213 |
| **12/21** | $21038 | $25754 | $20419 |
| **01/22** | $20011 | $24239 | $19547 |
| **02/22** | $20331 | $23628 | $19456 |
| **03/22** | $20536 | $24395 | $20047 |
| **04/22** | $19247 | $22206 | $18856 |
| **05/22** | $19823 | $22176 | $19218 |
| **06/22** | $17633 | $20321 | $17105 |
| **07/22** | $19230 | $22227 | $18578 |
| **08/22** | $18779 | $21397 | $18009 |
| **09/22** | $17017 | $19413 | $16262 |
| **10/22** | $18848 | $21005 | $17798 |
| **11/22** | $19994 | $22102 | $18924 |
| **12/22** | $19053 | $20808 | $17962 |
| **01/23** | $20531 | $22241 | $19413 |
| **02/23** | $19966 | $21721 | $18791 |
| **03/23** | $19150 | $22302 | $18199 |
| **04/23** | $19190 | $22539 | $18201 |
| **05/23** | $18215 | $22627 | $17393 |
| **06/23** | $19897 | $24172 | $18902 |
| **07/23** | $20542 | $25039 | $19725 |
| **08/23** | $19732 | $24555 | $19027 |
| **09/23** | $18620 | $23386 | $18059 |
| **10/23** | $17701 | $22766 | $17164 |
| **11/23** | $19601 | $24888 | $18783 |
| **12/23** | $21015 | $26209 | $20246 |
| **01/24** | $20890 | $26499 | $19883 |
| **02/24** | $21694 | $27933 | $20833 |
| **03/24** | $22949 | $28835 | $21911 |
| **04/24** | $22133 | $27566 | $20765 |
| **05/24** | $22778 | $28868 | $21510 |
| **06/24** | $22379 | $29762 | $21166 |
| **07/24** | $23816 | $30315 | $22445 |
| **08/24** | $24141 | $30975 | $22868 |
| **09/24** | $24472 | $31616 | $23299 |
| **10/24** | $23976 | $31384 | $23006 |
| **11/24** | $25391 | $33471 | $24699 |
| **12/24** | $23651 | $32448 | $22892 |
| **01/25** | $24273 | $33473 | $23697 |
| **02/25** | $23868 | $32831 | $23265 |
| **03/25** | $23041 | $30916 | $22409 |
| **04/25** | $22379 | $30709 | $21853 |
| **05/25** | $23508 | $32655 | $22806 |
| **06/25** | $24398 | $34314 | $23607 |
| **07/25** | $24946 | $35070 | $24030 |
| **08/25** | $26030 | $35881 | $24751 |
| **09/25** | $26343 | $37120 | $25066 |
| **10/25** | $26252 | $37915 | $24814 |
| **11/25** | $26971 | $38019 | $25406 |
| **12/25** | $27005 | $38012 | $25421 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 14.18 | 11.18 | 10.44 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Value Index | 11.05 | 9.83 | 9.78 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $251649444 |
| **Total number of portfolio holdings** | 49 |
| **Management services fees (represents 0.82% of Fund average net assets)** | $1995991 |
| **Portfolio turnover for the reporting period** | 11% |

---

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Class 1 **\|** ASR7021_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 18.3% |
| Industrials | 17.2% |
| Information Technology | 10.4% |
| Consumer Discretionary | 10.4% |
| Real Estate | 8.8% |
| Utilities | 7.6% |
| Health Care | 7.3% |
| Consumer Staples | 5.2% |
| Energy | 5.1% |
| Materials | 4.8% |
| Other | 4.2% |

---

### Top Holdings

---

| | |
|:---|:---|
| Entergy Corp. | 3.2% |
| Corning, Inc. | 3.0% |
| Welltower, Inc. | 2.9% |
| AMETEK, Inc. | 2.9% |
| ITT, Inc. | 2.9% |
| Popular, Inc. | 2.8% |
| Marathon Petroleum Corp. | 2.7% |
| Ameren Corp. | 2.7% |
| Southwest Airlines Co. | 2.6% |
| Capital One Financial Corp. | 2.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.3% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Class 1 **\|** ASR7021_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Mid Cap Value Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Mid Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $114 | 1.07% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the real estate, industrials, and consumer staples sectors contributed to the Fund's relative performance during the annual period.

**Allocations** \| Neutral allocations to the consumer staples and communication services sectors, as well as a smaller allocation to the materials sector lifted the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Corning, a manufacturer of specialty glass, ceramics, and optical materials; ATI, a producer of aerospace and defense; Welltower, a real estate investment trust focused on healthcare infrastructure; CACI, a provider of information technology and professional services for government clients; and Hasbro, a global toy and entertainment company, were top contributors to Fund performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the financials, health care, utilities, and materials sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Allocations to the information technology and health care sectors both detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Global Payments, a payment technology and software solutions provider; Kemper, an insurance and financial services company; Centene, a managed healthcare and insurance services provider; PG&E, a utility company delivering electricity and natural gas; and Marvell, a semiconductor company specializing in data infrastructure solutions, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Class 2 **\|** ASR7021_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g82q33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Mid Cap Value Fund Class 2 ($26336)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Value Index ($25421)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9273 | $9436 | $9447 |
| **02/16** | $9308 | $9433 | $9514 |
| **03/16** | $10110 | $10097 | $10392 |
| **04/16** | $10271 | $10159 | $10615 |
| **05/16** | $10467 | $10341 | $10789 |
| **06/16** | $10444 | $10362 | $10887 |
| **07/16** | $10727 | $10774 | $11348 |
| **08/16** | $10767 | $10801 | $11324 |
| **09/16** | $10785 | $10818 | $11372 |
| **10/16** | $10502 | $10584 | $11096 |
| **11/16** | $11143 | $11058 | $11790 |
| **12/16** | $11385 | $11274 | $12000 |
| **01/17** | $11535 | $11486 | $12202 |
| **02/17** | $11818 | $11913 | $12542 |
| **03/17** | $11777 | $11921 | $12451 |
| **04/17** | $11800 | $12047 | $12475 |
| **05/17** | $11864 | $12171 | $12436 |
| **06/17** | $11985 | $12280 | $12621 |
| **07/17** | $12043 | $12512 | $12788 |
| **08/17** | $11823 | $12536 | $12549 |
| **09/17** | $12216 | $12842 | $12892 |
| **10/17** | $12389 | $13122 | $12995 |
| **11/17** | $12764 | $13521 | $13435 |
| **12/17** | $12897 | $13656 | $13601 |
| **01/18** | $13145 | $14375 | $13913 |
| **02/18** | $12516 | $13846 | $13228 |
| **03/18** | $12522 | $13568 | $13261 |
| **04/18** | $12597 | $13619 | $13326 |
| **05/18** | $12729 | $14004 | $13471 |
| **06/18** | $12764 | $14095 | $13580 |
| **07/18** | $13110 | $14563 | $13949 |
| **08/18** | $13214 | $15074 | $14139 |
| **09/18** | $13156 | $15099 | $14027 |
| **10/18** | $12152 | $13988 | $13017 |
| **11/18** | $12349 | $14268 | $13329 |
| **12/18** | $11154 | $12940 | $11930 |
| **01/19** | $12406 | $14051 | $13158 |
| **02/19** | $12937 | $14545 | $13576 |
| **03/19** | $12949 | $14757 | $13644 |
| **04/19** | $13549 | $15346 | $14094 |
| **05/19** | $12608 | $14353 | $13189 |
| **06/19** | $13451 | $15361 | $14080 |
| **07/19** | $13664 | $15590 | $14197 |
| **08/19** | $13272 | $15272 | $13696 |
| **09/19** | $13722 | $15540 | $14252 |
| **10/19** | $13624 | $15874 | $14328 |
| **11/19** | $14045 | $16478 | $14710 |
| **12/19** | $14639 | $16954 | $15158 |
| **01/20** | $14201 | $16935 | $14863 |
| **02/20** | $12637 | $15549 | $13391 |
| **03/20** | $9827 | $13410 | $10352 |
| **04/20** | $11125 | $15187 | $11734 |
| **05/20** | $11564 | $15999 | $12278 |
| **06/20** | $11685 | $16364 | $12416 |
| **07/20** | $12418 | $17294 | $13003 |
| **08/20** | $12977 | $18546 | $13518 |
| **09/20** | $12816 | $17871 | $13211 |
| **10/20** | $12966 | $17485 | $13334 |
| **11/20** | $15066 | $19613 | $15207 |
| **12/20** | $15701 | $20495 | $15910 |
| **01/21** | $15493 | $20404 | $15874 |
| **02/21** | $16947 | $21042 | $17104 |
| **03/21** | $17813 | $21796 | $17987 |
| **04/21** | $18667 | $22919 | $18857 |
| **05/21** | $19013 | $23024 | $19229 |
| **06/21** | $18627 | $23592 | $19005 |
| **07/21** | $18592 | $23991 | $19123 |
| **08/21** | $18811 | $24675 | $19532 |
| **09/21** | $18280 | $23568 | $18813 |
| **10/21** | $19290 | $25161 | $19815 |
| **11/21** | $19313 | $24778 | $19213 |
| **12/21** | $20721 | $25754 | $20419 |
| **01/22** | $19711 | $24239 | $19547 |
| **02/22** | $20017 | $23628 | $19456 |
| **03/22** | $20214 | $24395 | $20047 |
| **04/22** | $18944 | $22206 | $18856 |
| **05/22** | $19504 | $22176 | $19218 |
| **06/22** | $17351 | $20321 | $17105 |
| **07/22** | $18915 | $22227 | $18578 |
| **08/22** | $18471 | $21397 | $18009 |
| **09/22** | $16728 | $19413 | $16262 |
| **10/22** | $18529 | $21005 | $17798 |
| **11/22** | $19648 | $22102 | $18924 |
| **12/22** | $18719 | $20808 | $17962 |
| **01/23** | $20173 | $22241 | $19413 |
| **02/23** | $19608 | $21721 | $18791 |
| **03/23** | $18806 | $22302 | $18199 |
| **04/23** | $18840 | $22539 | $18201 |
| **05/23** | $17877 | $22627 | $17393 |
| **06/23** | $19527 | $24172 | $18902 |
| **07/23** | $20150 | $25039 | $19725 |
| **08/23** | $19354 | $24555 | $19027 |
| **09/23** | $18263 | $23386 | $18059 |
| **10/23** | $17357 | $22766 | $17164 |
| **11/23** | $19215 | $24888 | $18783 |
| **12/23** | $20600 | $26209 | $20246 |
| **01/24** | $20473 | $26499 | $19883 |
| **02/24** | $21258 | $27933 | $20833 |
| **03/24** | $22481 | $28835 | $21911 |
| **04/24** | $21679 | $27566 | $20765 |
| **05/24** | $22302 | $28868 | $21510 |
| **06/24** | $21904 | $29762 | $21166 |
| **07/24** | $23306 | $30315 | $22445 |
| **08/24** | $23624 | $30975 | $22868 |
| **09/24** | $23935 | $31616 | $23299 |
| **10/24** | $23451 | $31384 | $23006 |
| **11/24** | $24824 | $33471 | $24699 |
| **12/24** | $23128 | $32448 | $22892 |
| **01/25** | $23728 | $33473 | $23697 |
| **02/25** | $23324 | $32831 | $23265 |
| **03/25** | $22510 | $30916 | $22409 |
| **04/25** | $21858 | $30709 | $21853 |
| **05/25** | $22960 | $32655 | $22806 |
| **06/25** | $23826 | $34314 | $23607 |
| **07/25** | $24351 | $35070 | $24030 |
| **08/25** | $25407 | $35881 | $24751 |
| **09/25** | $25707 | $37120 | $25066 |
| **10/25** | $25609 | $37915 | $24814 |
| **11/25** | $26313 | $38019 | $25406 |
| **12/25** | $26336 | $38012 | $25421 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 13.87 | 10.90 | 10.17 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Value Index | 11.05 | 9.83 | 9.78 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $251649444 |
| **Total number of portfolio holdings** | 49 |
| **Management services fees (represents 0.82% of Fund average net assets)** | $1995991 |
| **Portfolio turnover for the reporting period** | 11% |

---

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Class 2 **\|** ASR7021_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 18.3% |
| Industrials | 17.2% |
| Information Technology | 10.4% |
| Consumer Discretionary | 10.4% |
| Real Estate | 8.8% |
| Utilities | 7.6% |
| Health Care | 7.3% |
| Consumer Staples | 5.2% |
| Energy | 5.1% |
| Materials | 4.8% |
| Other | 4.2% |

---

### Top Holdings

---

| | |
|:---|:---|
| Entergy Corp. | 3.2% |
| Corning, Inc. | 3.0% |
| Welltower, Inc. | 2.9% |
| AMETEK, Inc. | 2.9% |
| ITT, Inc. | 2.9% |
| Popular, Inc. | 2.8% |
| Marathon Petroleum Corp. | 2.7% |
| Ameren Corp. | 2.7% |
| Southwest Airlines Co. | 2.6% |
| Capital One Financial Corp. | 2.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.3% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Class 2 **\|** ASR7021_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Mid Cap Value Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Mid Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $101 | 0.94% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the real estate, industrials, and consumer staples sectors contributed to the Fund's relative performance during the annual period.

**Allocations** \| Neutral allocations to the consumer staples and communication services sectors, as well as a smaller allocation to the materials sector lifted the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Corning, a manufacturer of specialty glass, ceramics, and optical materials; ATI, a producer of aerospace and defense; Welltower, a real estate investment trust focused on healthcare infrastructure; CACI, a provider of information technology and professional services for government clients; and Hasbro, a global toy and entertainment company, were top contributors to Fund performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the financials, health care, utilities, and materials sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Allocations to the information technology and health care sectors both detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Global Payments, a payment technology and software solutions provider; Kemper, an insurance and financial services company; Centene, a managed healthcare and insurance services provider; PG&E, a utility company delivering electricity and natural gas; and Marvell, a semiconductor company specializing in data infrastructure solutions, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Class 3 **\|** ASR7021_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g98v23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Mid Cap Value Fund Class 3 ($26661)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Value Index ($25421)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9271 | $9436 | $9447 |
| **02/16** | $9306 | $9433 | $9514 |
| **03/16** | $10109 | $10097 | $10392 |
| **04/16** | $10275 | $10159 | $10615 |
| **05/16** | $10470 | $10341 | $10789 |
| **06/16** | $10447 | $10362 | $10887 |
| **07/16** | $10734 | $10774 | $11348 |
| **08/16** | $10775 | $10801 | $11324 |
| **09/16** | $10797 | $10818 | $11372 |
| **10/16** | $10516 | $10584 | $11096 |
| **11/16** | $11153 | $11058 | $11790 |
| **12/16** | $11400 | $11274 | $12000 |
| **01/17** | $11549 | $11486 | $12202 |
| **02/17** | $11836 | $11913 | $12542 |
| **03/17** | $11796 | $11921 | $12451 |
| **04/17** | $11819 | $12047 | $12475 |
| **05/17** | $11888 | $12171 | $12436 |
| **06/17** | $12008 | $12280 | $12621 |
| **07/17** | $12065 | $12512 | $12788 |
| **08/17** | $11847 | $12536 | $12549 |
| **09/17** | $12243 | $12842 | $12892 |
| **10/17** | $12415 | $13122 | $12995 |
| **11/17** | $12794 | $13521 | $13435 |
| **12/17** | $12926 | $13656 | $13601 |
| **01/18** | $13178 | $14375 | $13913 |
| **02/18** | $12547 | $13846 | $13228 |
| **03/18** | $12553 | $13568 | $13261 |
| **04/18** | $12633 | $13619 | $13326 |
| **05/18** | $12765 | $14004 | $13471 |
| **06/18** | $12805 | $14095 | $13580 |
| **07/18** | $13150 | $14563 | $13949 |
| **08/18** | $13259 | $15074 | $14139 |
| **09/18** | $13201 | $15099 | $14027 |
| **10/18** | $12197 | $13988 | $13017 |
| **11/18** | $12392 | $14268 | $13329 |
| **12/18** | $11193 | $12940 | $11930 |
| **01/19** | $12450 | $14051 | $13158 |
| **02/19** | $12989 | $14545 | $13576 |
| **03/19** | $12995 | $14757 | $13644 |
| **04/19** | $13603 | $15346 | $14094 |
| **05/19** | $12662 | $14353 | $13189 |
| **06/19** | $13505 | $15361 | $14080 |
| **07/19** | $13723 | $15590 | $14197 |
| **08/19** | $13333 | $15272 | $13696 |
| **09/19** | $13787 | $15540 | $14252 |
| **10/19** | $13689 | $15874 | $14328 |
| **11/19** | $14114 | $16478 | $14710 |
| **12/19** | $14710 | $16954 | $15158 |
| **01/20** | $14268 | $16935 | $14863 |
| **02/20** | $12702 | $15549 | $13391 |
| **03/20** | $9880 | $13410 | $10352 |
| **04/20** | $11182 | $15187 | $11734 |
| **05/20** | $11629 | $15999 | $12278 |
| **06/20** | $11744 | $16364 | $12416 |
| **07/20** | $12490 | $17294 | $13003 |
| **08/20** | $13052 | $18546 | $13518 |
| **09/20** | $12892 | $17871 | $13211 |
| **10/20** | $13046 | $17485 | $13334 |
| **11/20** | $15158 | $19613 | $15207 |
| **12/20** | $15800 | $20495 | $15910 |
| **01/21** | $15588 | $20404 | $15874 |
| **02/21** | $17057 | $21042 | $17104 |
| **03/21** | $17929 | $21796 | $17987 |
| **04/21** | $18789 | $22919 | $18857 |
| **05/21** | $19139 | $23024 | $19229 |
| **06/21** | $18749 | $23592 | $19005 |
| **07/21** | $18721 | $23991 | $19123 |
| **08/21** | $18944 | $24675 | $19532 |
| **09/21** | $18411 | $23568 | $18813 |
| **10/21** | $19432 | $25161 | $19815 |
| **11/21** | $19455 | $24778 | $19213 |
| **12/21** | $20878 | $25754 | $20419 |
| **01/22** | $19857 | $24239 | $19547 |
| **02/22** | $20172 | $23628 | $19456 |
| **03/22** | $20373 | $24395 | $20047 |
| **04/22** | $19094 | $22206 | $18856 |
| **05/22** | $19661 | $22176 | $19218 |
| **06/22** | $17487 | $20321 | $17105 |
| **07/22** | $19065 | $22227 | $18578 |
| **08/22** | $18623 | $21397 | $18009 |
| **09/22** | $16867 | $19413 | $16262 |
| **10/22** | $18680 | $21005 | $17798 |
| **11/22** | $19816 | $22102 | $18924 |
| **12/22** | $18881 | $20808 | $17962 |
| **01/23** | $20344 | $22241 | $19413 |
| **02/23** | $19782 | $21721 | $18791 |
| **03/23** | $18973 | $22302 | $18199 |
| **04/23** | $19013 | $22539 | $18201 |
| **05/23** | $18044 | $22627 | $17393 |
| **06/23** | $19707 | $24172 | $18902 |
| **07/23** | $20338 | $25039 | $19725 |
| **08/23** | $19535 | $24555 | $19027 |
| **09/23** | $18434 | $23386 | $18059 |
| **10/23** | $17522 | $22766 | $17164 |
| **11/23** | $19403 | $24888 | $18783 |
| **12/23** | $20803 | $26209 | $20246 |
| **01/24** | $20677 | $26499 | $19883 |
| **02/24** | $21469 | $27933 | $20833 |
| **03/24** | $22708 | $28835 | $21911 |
| **04/24** | $21899 | $27566 | $20765 |
| **05/24** | $22530 | $28868 | $21510 |
| **06/24** | $22134 | $29762 | $21166 |
| **07/24** | $23557 | $30315 | $22445 |
| **08/24** | $23878 | $30975 | $22868 |
| **09/24** | $24200 | $31616 | $23299 |
| **10/24** | $23706 | $31384 | $23006 |
| **11/24** | $25100 | $33471 | $24699 |
| **12/24** | $23385 | $32448 | $22892 |
| **01/25** | $23993 | $33473 | $23697 |
| **02/25** | $23586 | $32831 | $23265 |
| **03/25** | $22765 | $30916 | $22409 |
| **04/25** | $22111 | $30709 | $21853 |
| **05/25** | $23230 | $32655 | $22806 |
| **06/25** | $24108 | $34314 | $23607 |
| **07/25** | $24641 | $35070 | $24030 |
| **08/25** | $25714 | $35881 | $24751 |
| **09/25** | $26018 | $37120 | $25066 |
| **10/25** | $25921 | $37915 | $24814 |
| **11/25** | $26632 | $38019 | $25406 |
| **12/25** | $26661 | $38012 | $25421 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 14.01 | 11.03 | 10.30 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Value Index | 11.05 | 9.83 | 9.78 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $251649444 |
| **Total number of portfolio holdings** | 49 |
| **Management services fees (represents 0.82% of Fund average net assets)** | $1995991 |
| **Portfolio turnover for the reporting period** | 11% |

---

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Class 3 **\|** ASR7021_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 18.3% |
| Industrials | 17.2% |
| Information Technology | 10.4% |
| Consumer Discretionary | 10.4% |
| Real Estate | 8.8% |
| Utilities | 7.6% |
| Health Care | 7.3% |
| Consumer Staples | 5.2% |
| Energy | 5.1% |
| Materials | 4.8% |
| Other | 4.2% |

---

### Top Holdings

---

| | |
|:---|:---|
| Entergy Corp. | 3.2% |
| Corning, Inc. | 3.0% |
| Welltower, Inc. | 2.9% |
| AMETEK, Inc. | 2.9% |
| ITT, Inc. | 2.9% |
| Popular, Inc. | 2.8% |
| Marathon Petroleum Corp. | 2.7% |
| Ameren Corp. | 2.7% |
| Southwest Airlines Co. | 2.6% |
| Capital One Financial Corp. | 2.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.3% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Mid Cap Value Fund \| Class 3 **\|** ASR7021_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Mid Cap Growth Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Mid Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $88 | 0.82% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the financials and information technology sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweight positions in the utilities sector buoyed Fund performance relative to its benchmark during the annual period.

**Individual holdings** \| Positions in Robinhood Markets, a financial services platform company, Talen Energy, an alternative power generation company, and Carpenter Technology, a specialty metal producer company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the health care and energy sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Overweight positions in the communication services sector detracted from relative performance.

**Individual holdings** \| Positions in Palantir, a software company, FTAI Aviation, an aerospace company, and Wingstop, a restaurant franchisor company, were among the top detractors from the Fund's relative performance during the period.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Class 1 **\|** ASR7017_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g90l10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Mid Cap Growth Fund Class 1 ($31537)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Growth Index ($32448)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9117 | $9436 | $9243 |
| **02/16** | $9141 | $9433 | $9388 |
| **03/16** | $9829 | $10097 | $10058 |
| **04/16** | $9844 | $10159 | $10052 |
| **05/16** | $9951 | $10341 | $10217 |
| **06/16** | $9829 | $10362 | $10215 |
| **07/16** | $10180 | $10774 | $10721 |
| **08/16** | $10190 | $10801 | $10689 |
| **09/16** | $10283 | $10818 | $10684 |
| **10/16** | $9902 | $10584 | $10250 |
| **11/16** | $10254 | $11058 | $10696 |
| **12/16** | $10229 | $11274 | $10733 |
| **01/17** | $10688 | $11486 | $11091 |
| **02/17** | $10990 | $11913 | $11410 |
| **03/17** | $10980 | $11921 | $11473 |
| **04/17** | $11166 | $12047 | $11643 |
| **05/17** | $11424 | $12171 | $11921 |
| **06/17** | $11439 | $12280 | $11956 |
| **07/17** | $11615 | $12512 | $12156 |
| **08/17** | $11649 | $12536 | $12242 |
| **09/17** | $11980 | $12842 | $12588 |
| **10/17** | $12298 | $13122 | $12940 |
| **11/17** | $12556 | $13521 | $13373 |
| **12/17** | $12580 | $13656 | $13445 |
| **01/18** | $13278 | $14375 | $14206 |
| **02/18** | $12717 | $13846 | $13760 |
| **03/18** | $12737 | $13568 | $13737 |
| **04/18** | $12771 | $13619 | $13607 |
| **05/18** | $13415 | $14004 | $14116 |
| **06/18** | $13507 | $14095 | $14171 |
| **07/18** | $13693 | $14563 | $14475 |
| **08/18** | $14273 | $15074 | $15309 |
| **09/18** | $14278 | $15099 | $15244 |
| **10/18** | $12844 | $13988 | $13735 |
| **11/18** | $13229 | $14268 | $14084 |
| **12/18** | $11980 | $12940 | $12806 |
| **01/19** | $13166 | $14051 | $14278 |
| **02/19** | $13883 | $14545 | $15115 |
| **03/19** | $14205 | $14757 | $15319 |
| **04/19** | $15039 | $15346 | $16008 |
| **05/19** | $14283 | $14353 | $15087 |
| **06/19** | $15122 | $15361 | $16146 |
| **07/19** | $15302 | $15590 | $16523 |
| **08/19** | $14785 | $15272 | $16222 |
| **09/19** | $14776 | $15540 | $16038 |
| **10/19** | $15156 | $15874 | $16335 |
| **11/19** | $15912 | $16478 | $17148 |
| **12/19** | $16195 | $16954 | $17348 |
| **01/20** | $16293 | $16935 | $17511 |
| **02/20** | $15254 | $15549 | $16303 |
| **03/20** | $13122 | $13410 | $13872 |
| **04/20** | $14917 | $15187 | $16044 |
| **05/20** | $16517 | $15999 | $17656 |
| **06/20** | $16917 | $16364 | $18070 |
| **07/20** | $18415 | $17294 | $19513 |
| **08/20** | $18776 | $18546 | $20044 |
| **09/20** | $18898 | $17871 | $19763 |
| **10/20** | $18976 | $17485 | $19788 |
| **11/20** | $20888 | $19613 | $22445 |
| **12/20** | $21932 | $20495 | $23522 |
| **01/21** | $21946 | $20404 | $23444 |
| **02/21** | $22673 | $21042 | $23844 |
| **03/21** | $22517 | $21796 | $23389 |
| **04/21** | $23722 | $22919 | $24703 |
| **05/21** | $23146 | $23024 | $24326 |
| **06/21** | $24780 | $23592 | $25979 |
| **07/21** | $25356 | $23991 | $26246 |
| **08/21** | $26063 | $24675 | $27094 |
| **09/21** | $24507 | $23568 | $25781 |
| **10/21** | $26629 | $25161 | $27589 |
| **11/21** | $26059 | $24778 | $26423 |
| **12/21** | $25566 | $25754 | $26516 |
| **01/22** | $21668 | $24239 | $23094 |
| **02/22** | $21449 | $23628 | $22814 |
| **03/22** | $21576 | $24395 | $23180 |
| **04/22** | $18751 | $22206 | $20570 |
| **05/22** | $18049 | $22176 | $19774 |
| **06/22** | $16683 | $20321 | $18296 |
| **07/22** | $19239 | $22227 | $20535 |
| **08/22** | $18663 | $21397 | $19862 |
| **09/22** | $16932 | $19413 | $18176 |
| **10/22** | $18224 | $21005 | $19605 |
| **11/22** | $18722 | $22102 | $20671 |
| **12/22** | $17683 | $20808 | $19431 |
| **01/23** | $19229 | $22241 | $21126 |
| **02/23** | $19063 | $21721 | $20918 |
| **03/23** | $19659 | $22302 | $21206 |
| **04/23** | $19346 | $22539 | $20899 |
| **05/23** | $19576 | $22627 | $20912 |
| **06/23** | $21254 | $24172 | $22528 |
| **07/23** | $21834 | $25039 | $23210 |
| **08/23** | $20849 | $24555 | $22444 |
| **09/23** | $19722 | $23386 | $21351 |
| **10/23** | $18624 | $22766 | $20262 |
| **11/23** | $20820 | $24888 | $22733 |
| **12/23** | $22146 | $26209 | $24457 |
| **01/24** | $22337 | $26499 | $24325 |
| **02/24** | $24151 | $27933 | $26154 |
| **03/24** | $24693 | $28835 | $26779 |
| **04/24** | $23127 | $27566 | $25224 |
| **05/24** | $23420 | $28868 | $25493 |
| **06/24** | $23785 | $29762 | $25919 |
| **07/24** | $24020 | $30315 | $26076 |
| **08/24** | $24302 | $30975 | $26724 |
| **09/24** | $25288 | $31616 | $27614 |
| **10/24** | $25624 | $31384 | $28097 |
| **11/24** | $29473 | $33471 | $31842 |
| **12/24** | $27390 | $32448 | $29863 |
| **01/25** | $29215 | $33473 | $31768 |
| **02/25** | $27459 | $32831 | $29958 |
| **03/25** | $24624 | $30916 | $27736 |
| **04/25** | $25439 | $30709 | $28668 |
| **05/25** | $28132 | $32655 | $31416 |
| **06/25** | $30771 | $34314 | $32785 |
| **07/25** | $31522 | $35070 | $33451 |
| **08/25** | $31805 | $35881 | $33785 |
| **09/25** | $32683 | $37120 | $33696 |
| **10/25** | $33361 | $37915 | $33602 |
| **11/25** | $31844 | $38019 | $32889 |
| **12/25** | $31537 | $38012 | $32448 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 15.14 | 7.53 | 12.17 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Growth Index | 8.66 | 6.65 | 12.49 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $472684458 |
| **Total number of portfolio holdings** | 69 |
| **Management services fees (represents 0.82% of Fund average net assets)** | $3835732 |
| **Portfolio turnover for the reporting period** | 195% |

---

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Class 1 **\|** ASR7017_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 23.9% |
| Consumer Discretionary | 19.7% |
| Information Technology | 17.9% |
| Communication Services | 13.8% |
| Health Care | 13.4% |
| Financials | 5.2% |
| Consumer Staples | 5.1% |
| Materials | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| Vertiv Holdings Co. | 3.2% |
| Take-Two Interactive Software, Inc. | 3.0% |
| Carpenter Technology Corp. | 2.9% |
| Howmet Aerospace, Inc. | 2.9% |
| MongoDB, Inc. | 2.8% |
| Spotify Technology SA | 2.7% |
| DoorDash, Inc., Class A | 2.7% |
| Celsius Holdings, Inc. | 2.5% |
| RBC Bearings, Inc. | 2.4% |
| SharkNinja, Inc. | 2.3% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Class 1 **\|** ASR7017_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Mid Cap Growth Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Mid Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $115 | 1.07% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the financials and information technology sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweight positions in the utilities sector buoyed Fund performance relative to its benchmark during the annual period.

**Individual holdings** \| Positions in Robinhood Markets, a financial services platform company, Talen Energy, an alternative power generation company, and Carpenter Technology, a specialty metal producer company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the health care and energy sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Overweight positions in the communication services sector detracted from relative performance.

**Individual holdings** \| Positions in Palantir, a software company, FTAI Aviation, an aerospace company, and Wingstop, a restaurant franchisor company, were among the top detractors from the Fund's relative performance during the period.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Class 2 **\|** ASR7017_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g40o87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Mid Cap Growth Fund Class 2 ($30756)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Growth Index ($32448)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9110 | $9436 | $9243 |
| **02/16** | $9135 | $9433 | $9388 |
| **03/16** | $9822 | $10097 | $10058 |
| **04/16** | $9837 | $10159 | $10052 |
| **05/16** | $9936 | $10341 | $10217 |
| **06/16** | $9817 | $10362 | $10215 |
| **07/16** | $10163 | $10774 | $10721 |
| **08/16** | $10168 | $10801 | $10689 |
| **09/16** | $10262 | $10818 | $10684 |
| **10/16** | $9881 | $10584 | $10250 |
| **11/16** | $10227 | $11058 | $10696 |
| **12/16** | $10203 | $11274 | $10733 |
| **01/17** | $10657 | $11486 | $11091 |
| **02/17** | $10959 | $11913 | $11410 |
| **03/17** | $10944 | $11921 | $11473 |
| **04/17** | $11127 | $12047 | $11643 |
| **05/17** | $11379 | $12171 | $11921 |
| **06/17** | $11394 | $12280 | $11956 |
| **07/17** | $11567 | $12512 | $12156 |
| **08/17** | $11597 | $12536 | $12242 |
| **09/17** | $11928 | $12842 | $12588 |
| **10/17** | $12239 | $13122 | $12940 |
| **11/17** | $12496 | $13521 | $13373 |
| **12/17** | $12516 | $13656 | $13445 |
| **01/18** | $13203 | $14375 | $14206 |
| **02/18** | $12650 | $13846 | $13760 |
| **03/18** | $12664 | $13568 | $13737 |
| **04/18** | $12699 | $13619 | $13607 |
| **05/18** | $13332 | $14004 | $14116 |
| **06/18** | $13421 | $14095 | $14171 |
| **07/18** | $13604 | $14563 | $14475 |
| **08/18** | $14177 | $15074 | $15309 |
| **09/18** | $14177 | $15099 | $15244 |
| **10/18** | $12753 | $13988 | $13735 |
| **11/18** | $13134 | $14268 | $14084 |
| **12/18** | $11893 | $12940 | $12806 |
| **01/19** | $13060 | $14051 | $14278 |
| **02/19** | $13772 | $14545 | $15115 |
| **03/19** | $14088 | $14757 | $15319 |
| **04/19** | $14909 | $15346 | $16008 |
| **05/19** | $14157 | $14353 | $15087 |
| **06/19** | $14988 | $15361 | $16146 |
| **07/19** | $15166 | $15590 | $16523 |
| **08/19** | $14647 | $15272 | $16222 |
| **09/19** | $14637 | $15540 | $16038 |
| **10/19** | $15007 | $15874 | $16335 |
| **11/19** | $15759 | $16478 | $17148 |
| **12/19** | $16036 | $16954 | $17348 |
| **01/20** | $16129 | $16935 | $17511 |
| **02/20** | $15096 | $15549 | $16303 |
| **03/20** | $12981 | $13410 | $13872 |
| **04/20** | $14750 | $15187 | $16044 |
| **05/20** | $16332 | $15999 | $17656 |
| **06/20** | $16723 | $16364 | $18070 |
| **07/20** | $18201 | $17294 | $19513 |
| **08/20** | $18557 | $18546 | $20044 |
| **09/20** | $18670 | $17871 | $19763 |
| **10/20** | $18749 | $17485 | $19788 |
| **11/20** | $20633 | $19613 | $22445 |
| **12/20** | $21661 | $20495 | $23522 |
| **01/21** | $21671 | $20404 | $23444 |
| **02/21** | $22383 | $21042 | $23844 |
| **03/21** | $22219 | $21796 | $23389 |
| **04/21** | $23401 | $22919 | $24703 |
| **05/21** | $22832 | $23024 | $24326 |
| **06/21** | $24439 | $23592 | $25979 |
| **07/21** | $25002 | $23991 | $26246 |
| **08/21** | $25694 | $24675 | $27094 |
| **09/21** | $24157 | $23568 | $25781 |
| **10/21** | $26243 | $25161 | $27589 |
| **11/21** | $25675 | $24778 | $26423 |
| **12/21** | $25185 | $25754 | $26516 |
| **01/22** | $21340 | $24239 | $23094 |
| **02/22** | $21117 | $23628 | $22814 |
| **03/22** | $21241 | $24395 | $23180 |
| **04/22** | $18453 | $22206 | $20570 |
| **05/22** | $17761 | $22176 | $19774 |
| **06/22** | $16411 | $20321 | $18296 |
| **07/22** | $18922 | $22227 | $20535 |
| **08/22** | $18349 | $21397 | $19862 |
| **09/22** | $16649 | $19413 | $18176 |
| **10/22** | $17914 | $21005 | $19605 |
| **11/22** | $18398 | $22102 | $20671 |
| **12/22** | $17375 | $20808 | $19431 |
| **01/23** | $18888 | $22241 | $21126 |
| **02/23** | $18720 | $21721 | $20918 |
| **03/23** | $19303 | $22302 | $21206 |
| **04/23** | $18997 | $22539 | $20899 |
| **05/23** | $19214 | $22627 | $20912 |
| **06/23** | $20855 | $24172 | $22528 |
| **07/23** | $21424 | $25039 | $23210 |
| **08/23** | $20450 | $24555 | $22444 |
| **09/23** | $19343 | $23386 | $21351 |
| **10/23** | $18260 | $22766 | $20262 |
| **11/23** | $20410 | $24888 | $22733 |
| **12/23** | $21705 | $26209 | $24457 |
| **01/24** | $21888 | $26499 | $24325 |
| **02/24** | $23658 | $27933 | $26154 |
| **03/24** | $24187 | $28835 | $26779 |
| **04/24** | $22645 | $27566 | $25224 |
| **05/24** | $22926 | $28868 | $25493 |
| **06/24** | $23282 | $29762 | $25919 |
| **07/24** | $23510 | $30315 | $26076 |
| **08/24** | $23777 | $30975 | $26724 |
| **09/24** | $24740 | $31616 | $27614 |
| **10/24** | $25062 | $31384 | $28097 |
| **11/24** | $28819 | $33471 | $31842 |
| **12/24** | $26777 | $32448 | $29863 |
| **01/25** | $28557 | $33473 | $31768 |
| **02/25** | $26836 | $32831 | $29958 |
| **03/25** | $24058 | $30916 | $27736 |
| **04/25** | $24849 | $30709 | $28668 |
| **05/25** | $27474 | $32655 | $31416 |
| **06/25** | $30044 | $34314 | $32785 |
| **07/25** | $30776 | $35070 | $33451 |
| **08/25** | $31043 | $35881 | $33785 |
| **09/25** | $31893 | $37120 | $33696 |
| **10/25** | $32551 | $37915 | $33602 |
| **11/25** | $31063 | $38019 | $32889 |
| **12/25** | $30756 | $38012 | $32448 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 14.86 | 7.26 | 11.89 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Growth Index | 8.66 | 6.65 | 12.49 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $472684458 |
| **Total number of portfolio holdings** | 69 |
| **Management services fees (represents 0.82% of Fund average net assets)** | $3835732 |
| **Portfolio turnover for the reporting period** | 195% |

---

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Class 2 **\|** ASR7017_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 23.9% |
| Consumer Discretionary | 19.7% |
| Information Technology | 17.9% |
| Communication Services | 13.8% |
| Health Care | 13.4% |
| Financials | 5.2% |
| Consumer Staples | 5.1% |
| Materials | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| Vertiv Holdings Co. | 3.2% |
| Take-Two Interactive Software, Inc. | 3.0% |
| Carpenter Technology Corp. | 2.9% |
| Howmet Aerospace, Inc. | 2.9% |
| MongoDB, Inc. | 2.8% |
| Spotify Technology SA | 2.7% |
| DoorDash, Inc., Class A | 2.7% |
| Celsius Holdings, Inc. | 2.5% |
| RBC Bearings, Inc. | 2.4% |
| SharkNinja, Inc. | 2.3% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Class 2 **\|** ASR7017_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Mid Cap Growth Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Mid Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $101 | 0.94% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the financials and information technology sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweight positions in the utilities sector buoyed Fund performance relative to its benchmark during the annual period.

**Individual holdings** \| Positions in Robinhood Markets, a financial services platform company, Talen Energy, an alternative power generation company, and Carpenter Technology, a specialty metal producer company, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selections in the health care and energy sectors hurt the Fund's relative performance during the annual period.

**Allocations** \| Overweight positions in the communication services sector detracted from relative performance.

**Individual holdings** \| Positions in Palantir, a software company, FTAI Aviation, an aerospace company, and Wingstop, a restaurant franchisor company, were among the top detractors from the Fund's relative performance during the period.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Class 3 **\|** ASR7017_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g51l30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Mid Cap Growth Fund Class 3 ($31135)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell Midcap<sup>®</sup> Growth Index ($32448)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9111 | $9436 | $9243 |
| **02/16** | $9136 | $9433 | $9388 |
| **03/16** | $9823 | $10097 | $10058 |
| **04/16** | $9838 | $10159 | $10052 |
| **05/16** | $9941 | $10341 | $10217 |
| **06/16** | $9823 | $10362 | $10215 |
| **07/16** | $10172 | $10774 | $10721 |
| **08/16** | $10177 | $10801 | $10689 |
| **09/16** | $10270 | $10818 | $10684 |
| **10/16** | $9892 | $10584 | $10250 |
| **11/16** | $10241 | $11058 | $10696 |
| **12/16** | $10216 | $11274 | $10733 |
| **01/17** | $10673 | $11486 | $11091 |
| **02/17** | $10972 | $11913 | $11410 |
| **03/17** | $10963 | $11921 | $11473 |
| **04/17** | $11144 | $12047 | $11643 |
| **05/17** | $11400 | $12171 | $11921 |
| **06/17** | $11415 | $12280 | $11956 |
| **07/17** | $11586 | $12512 | $12156 |
| **08/17** | $11621 | $12536 | $12242 |
| **09/17** | $11950 | $12842 | $12588 |
| **10/17** | $12269 | $13122 | $12940 |
| **11/17** | $12525 | $13521 | $13373 |
| **12/17** | $12544 | $13656 | $13445 |
| **01/18** | $13237 | $14375 | $14206 |
| **02/18** | $12682 | $13846 | $13760 |
| **03/18** | $12701 | $13568 | $13737 |
| **04/18** | $12731 | $13619 | $13607 |
| **05/18** | $13369 | $14004 | $14116 |
| **06/18** | $13463 | $14095 | $14171 |
| **07/18** | $13644 | $14563 | $14475 |
| **08/18** | $14224 | $15074 | $15309 |
| **09/18** | $14224 | $15099 | $15244 |
| **10/18** | $12795 | $13988 | $13735 |
| **11/18** | $13178 | $14268 | $14084 |
| **12/18** | $11935 | $12940 | $12806 |
| **01/19** | $13109 | $14051 | $14278 |
| **02/19** | $13821 | $14545 | $15115 |
| **03/19** | $14145 | $14757 | $15319 |
| **04/19** | $14971 | $15346 | $16008 |
| **05/19** | $14219 | $14353 | $15087 |
| **06/19** | $15054 | $15361 | $16146 |
| **07/19** | $15231 | $15590 | $16523 |
| **08/19** | $14710 | $15272 | $16222 |
| **09/19** | $14705 | $15540 | $16038 |
| **10/19** | $15079 | $15874 | $16335 |
| **11/19** | $15835 | $16478 | $17148 |
| **12/19** | $16110 | $16954 | $17348 |
| **01/20** | $16208 | $16935 | $17511 |
| **02/20** | $15172 | $15549 | $16303 |
| **03/20** | $13050 | $13410 | $13872 |
| **04/20** | $14833 | $15187 | $16044 |
| **05/20** | $16419 | $15999 | $17656 |
| **06/20** | $16817 | $16364 | $18070 |
| **07/20** | $18305 | $17294 | $19513 |
| **08/20** | $18664 | $18546 | $20044 |
| **09/20** | $18782 | $17871 | $19763 |
| **10/20** | $18861 | $17485 | $19788 |
| **11/20** | $20756 | $19613 | $22445 |
| **12/20** | $21793 | $20495 | $23522 |
| **01/21** | $21807 | $20404 | $23444 |
| **02/21** | $22525 | $21042 | $23844 |
| **03/21** | $22362 | $21796 | $23389 |
| **04/21** | $23556 | $22919 | $24703 |
| **05/21** | $22986 | $23024 | $24326 |
| **06/21** | $24602 | $23592 | $25979 |
| **07/21** | $25177 | $23991 | $26246 |
| **08/21** | $25874 | $24675 | $27094 |
| **09/21** | $24327 | $23568 | $25781 |
| **10/21** | $26429 | $25161 | $27589 |
| **11/21** | $25860 | $24778 | $26423 |
| **12/21** | $25368 | $25754 | $26516 |
| **01/22** | $21498 | $24239 | $23094 |
| **02/22** | $21277 | $23628 | $22814 |
| **03/22** | $21405 | $24395 | $23180 |
| **04/22** | $18595 | $22206 | $20570 |
| **05/22** | $17903 | $22176 | $19774 |
| **06/22** | $16542 | $20321 | $18296 |
| **07/22** | $19077 | $22227 | $20535 |
| **08/22** | $18502 | $21397 | $19862 |
| **09/22** | $16788 | $19413 | $18176 |
| **10/22** | $18065 | $21005 | $19605 |
| **11/22** | $18556 | $22102 | $20671 |
| **12/22** | $17525 | $20808 | $19431 |
| **01/23** | $19052 | $22241 | $21126 |
| **02/23** | $18885 | $21721 | $20918 |
| **03/23** | $19474 | $22302 | $21206 |
| **04/23** | $19165 | $22539 | $20899 |
| **05/23** | $19391 | $22627 | $20912 |
| **06/23** | $21051 | $24172 | $22528 |
| **07/23** | $21626 | $25039 | $23210 |
| **08/23** | $20643 | $24555 | $22444 |
| **09/23** | $19528 | $23386 | $21351 |
| **10/23** | $18438 | $22766 | $20262 |
| **11/23** | $20609 | $24888 | $22733 |
| **12/23** | $21920 | $26209 | $24457 |
| **01/24** | $22107 | $26499 | $24325 |
| **02/24** | $23900 | $27933 | $26154 |
| **03/24** | $24435 | $28835 | $26779 |
| **04/24** | $22878 | $27566 | $25224 |
| **05/24** | $23168 | $28868 | $25493 |
| **06/24** | $23527 | $29762 | $25919 |
| **07/24** | $23757 | $30315 | $26076 |
| **08/24** | $24032 | $30975 | $26724 |
| **09/24** | $25010 | $31616 | $27614 |
| **10/24** | $25334 | $31384 | $28097 |
| **11/24** | $29140 | $33471 | $31842 |
| **12/24** | $27078 | $32448 | $29863 |
| **01/25** | $28880 | $33473 | $31768 |
| **02/25** | $27141 | $32831 | $29958 |
| **03/25** | $24337 | $30916 | $27736 |
| **04/25** | $25138 | $30709 | $28668 |
| **05/25** | $27795 | $32655 | $31416 |
| **06/25** | $30403 | $34314 | $32785 |
| **07/25** | $31139 | $35070 | $33451 |
| **08/25** | $31415 | $35881 | $33785 |
| **09/25** | $32279 | $37120 | $33696 |
| **10/25** | $32947 | $37915 | $33602 |
| **11/25** | $31444 | $38019 | $32889 |
| **12/25** | $31135 | $38012 | $32448 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 14.98 | 7.40 | 12.03 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap<sup>®</sup> Growth Index | 8.66 | 6.65 | 12.49 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $472684458 |
| **Total number of portfolio holdings** | 69 |
| **Management services fees (represents 0.82% of Fund average net assets)** | $3835732 |
| **Portfolio turnover for the reporting period** | 195% |

---

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Class 3 **\|** ASR7017_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 23.9% |
| Consumer Discretionary | 19.7% |
| Information Technology | 17.9% |
| Communication Services | 13.8% |
| Health Care | 13.4% |
| Financials | 5.2% |
| Consumer Staples | 5.1% |
| Materials | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| Vertiv Holdings Co. | 3.2% |
| Take-Two Interactive Software, Inc. | 3.0% |
| Carpenter Technology Corp. | 2.9% |
| Howmet Aerospace, Inc. | 2.9% |
| MongoDB, Inc. | 2.8% |
| Spotify Technology SA | 2.7% |
| DoorDash, Inc., Class A | 2.7% |
| Celsius Holdings, Inc. | 2.5% |
| RBC Bearings, Inc. | 2.4% |
| SharkNinja, Inc. | 2.3% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other | 0.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| Class 3 **\|** ASR7017_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Small Cap Value Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Small Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $88 | 0.85% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the industrials, real estate, and information technology sectors buoyed the Fund's relative performance during the annual period.

**Allocations** \| Underweights in the real estate and energy sectors lifted the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Kratos Defense, a provider of advanced defense and security solutions; ATI, a producer of specialty materials and components for aerospace and defense; Primoris Services, a construction and engineering services company focused on energy and infrastructure; Viavi Solutions, a supplier of network testing, monitoring, and optical technologies; and Tenet Healthcare, a diversified healthcare services company operating hospitals and outpatient centers, were top contributors to Fund performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the consumer discretionary, materials, financials, energy, and consumer staples sectors all hurt the Fund's relative performance during the annual period.

**Allocations** \| No allocation to the communication services sector, as well allocations to the financials, industrials, and information technology sectors detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Six Flags, an operator of amusement parks and entertainment venues; Alight, a provider of cloud-based human capital and business solutions; Kemper Corp, an insurance and financial services company; SM Energy Company, an independent oil and natural gas exploration and production company; and Fluence Energy, a provider of energy storage products and services for renewable power integration, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Class 1 **\|** ASR7022_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g80r76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Small Cap Value Fund Class 1 ($22063)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Value Index ($24256)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9053 | $9436 | $9328 |
| **02/16** | $9268 | $9433 | $9392 |
| **03/16** | $10063 | $10097 | $10170 |
| **04/16** | $10089 | $10159 | $10386 |
| **05/16** | $10258 | $10341 | $10576 |
| **06/16** | $9911 | $10362 | $10608 |
| **07/16** | $10511 | $10774 | $11181 |
| **08/16** | $10568 | $10801 | $11458 |
| **09/16** | $10605 | $10818 | $11549 |
| **10/16** | $10095 | $10584 | $11169 |
| **11/16** | $10974 | $11058 | $12652 |
| **12/16** | $11395 | $11274 | $13174 |
| **01/17** | $11405 | $11486 | $13080 |
| **02/17** | $11574 | $11913 | $13269 |
| **03/17** | $11542 | $11921 | $13157 |
| **04/17** | $11595 | $12047 | $13209 |
| **05/17** | $11784 | $12171 | $12797 |
| **06/17** | $11958 | $12280 | $13245 |
| **07/17** | $12047 | $12512 | $13329 |
| **08/17** | $11858 | $12536 | $13001 |
| **09/17** | $12400 | $12842 | $13922 |
| **10/17** | $12547 | $13122 | $13940 |
| **11/17** | $12879 | $13521 | $14344 |
| **12/17** | $12795 | $13656 | $14207 |
| **01/18** | $13263 | $14375 | $14382 |
| **02/18** | $12758 | $13846 | $13663 |
| **03/18** | $12947 | $13568 | $13832 |
| **04/18** | $12653 | $13619 | $14071 |
| **05/18** | $13089 | $14004 | $14890 |
| **06/18** | $13021 | $14095 | $14980 |
| **07/18** | $13442 | $14563 | $15245 |
| **08/18** | $13868 | $15074 | $15608 |
| **09/18** | $13668 | $15099 | $15221 |
| **10/18** | $12279 | $13988 | $13858 |
| **11/18** | $12479 | $14268 | $14081 |
| **12/18** | $11184 | $12940 | $12379 |
| **01/19** | $12474 | $14051 | $13733 |
| **02/19** | $12895 | $14545 | $14267 |
| **03/19** | $12621 | $14757 | $13856 |
| **04/19** | $13189 | $15346 | $14380 |
| **05/19** | $12100 | $14353 | $13205 |
| **06/19** | $12789 | $15361 | $14046 |
| **07/19** | $12795 | $15590 | $14069 |
| **08/19** | $11932 | $15272 | $13284 |
| **09/19** | $12332 | $15540 | $13966 |
| **10/19** | $12479 | $15874 | $14304 |
| **11/19** | $12721 | $16478 | $14639 |
| **12/19** | $13168 | $16954 | $15151 |
| **01/20** | $13000 | $16935 | $14334 |
| **02/20** | $11484 | $15549 | $12941 |
| **03/20** | $8411 | $13410 | $9748 |
| **04/20** | $9868 | $15187 | $10951 |
| **05/20** | $10458 | $15999 | $11265 |
| **06/20** | $10663 | $16364 | $11591 |
| **07/20** | $11337 | $17294 | $11830 |
| **08/20** | $11821 | $18546 | $12468 |
| **09/20** | $11542 | $17871 | $11887 |
| **10/20** | $11689 | $17485 | $12313 |
| **11/20** | $13442 | $19613 | $14690 |
| **12/20** | $14379 | $20495 | $15853 |
| **01/21** | $14858 | $20404 | $16688 |
| **02/21** | $16305 | $21042 | $18255 |
| **03/21** | $17089 | $21796 | $19209 |
| **04/21** | $17868 | $22919 | $19598 |
| **05/21** | $18347 | $23024 | $20208 |
| **06/21** | $17968 | $23592 | $20085 |
| **07/21** | $17637 | $23991 | $19366 |
| **08/21** | $18011 | $24675 | $19885 |
| **09/21** | $17711 | $23568 | $19486 |
| **10/21** | $18232 | $25161 | $20229 |
| **11/21** | $17679 | $24778 | $19538 |
| **12/21** | $18826 | $25754 | $20335 |
| **01/22** | $17879 | $24239 | $19150 |
| **02/22** | $18126 | $23628 | $19467 |
| **03/22** | $17942 | $24395 | $19847 |
| **04/22** | $16584 | $22206 | $18307 |
| **05/22** | $16868 | $22176 | $18658 |
| **06/22** | $15158 | $20321 | $16815 |
| **07/22** | $16721 | $22227 | $18443 |
| **08/22** | $16268 | $21397 | $17860 |
| **09/22** | $14784 | $19413 | $16040 |
| **10/22** | $16600 | $21005 | $18059 |
| **11/22** | $17053 | $22102 | $18611 |
| **12/22** | $16058 | $20808 | $17390 |
| **01/23** | $17542 | $22241 | $19050 |
| **02/23** | $17474 | $21721 | $18610 |
| **03/23** | $16521 | $22302 | $17276 |
| **04/23** | $16374 | $22539 | $16845 |
| **05/23** | $15863 | $22627 | $16514 |
| **06/23** | $17358 | $24172 | $17825 |
| **07/23** | $18374 | $25039 | $19171 |
| **08/23** | $17700 | $24555 | $18248 |
| **09/23** | $16474 | $23386 | $17298 |
| **10/23** | $15405 | $22766 | $16266 |
| **11/23** | $16600 | $24888 | $17730 |
| **12/23** | $18163 | $26209 | $19937 |
| **01/24** | $17595 | $26499 | $19031 |
| **02/24** | $18189 | $27933 | $19654 |
| **03/24** | $19268 | $28835 | $20515 |
| **04/24** | $18521 | $27566 | $19208 |
| **05/24** | $19274 | $28868 | $20107 |
| **06/24** | $18995 | $29762 | $19768 |
| **07/24** | $20768 | $30315 | $22177 |
| **08/24** | $20695 | $30975 | $21761 |
| **09/24** | $20663 | $31616 | $21774 |
| **10/24** | $20495 | $31384 | $21434 |
| **11/24** | $22579 | $33471 | $23501 |
| **12/24** | $20700 | $32448 | $21543 |
| **01/25** | $21237 | $33473 | $21985 |
| **02/25** | $19974 | $32831 | $21144 |
| **03/25** | $18863 | $30916 | $19875 |
| **04/25** | $18111 | $30709 | $19077 |
| **05/25** | $19295 | $32655 | $19878 |
| **06/25** | $20142 | $34314 | $20862 |
| **07/25** | $20332 | $35070 | $21230 |
| **08/25** | $21811 | $35881 | $23028 |
| **09/25** | $21989 | $37120 | $23491 |
| **10/25** | $21716 | $37915 | $23550 |
| **11/25** | $22321 | $38019 | $24212 |
| **12/25** | $22063 | $38012 | $24256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 6.59 | 8.94 | 8.23 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Value Index | 12.59 | 8.88 | 9.27 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $105408057 |
| **Total number of portfolio holdings** | 56 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $900599 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Variable Portfolio – Select Small Cap Value Fund \| Class 1 **\|** ASR7022_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 28.6% |
| Industrials | 19.3% |
| Information Technology | 10.7% |
| Health Care | 9.8% |
| Consumer Discretionary | 8.4% |
| Real Estate | 8.1% |
| Energy | 4.7% |
| Materials | 4.2% |
| Utilities | 2.7% |
| Consumer Staples | 2.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| Axos Financial, Inc. | 3.5% |
| MACOM Technology Solutions Holdings, Inc. | 3.4% |
| ATI, Inc. | 3.2% |
| Primoris Services Corp. | 3.1% |
| Kratos Defense & Security Solutions, Inc. | 3.1% |
| Popular, Inc. | 3.0% |
| Zurn Elkay Water Solutions Corp. | 2.8% |
| Viavi Solutions, Inc. | 2.8% |
| Portland General Electric Co. | 2.8% |
| Atmus Filtration Technologies, Inc. | 2.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.9% |
| Money Market Funds | 1.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Small Cap Value Fund \| Class 1 **\|** ASR7022_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Small Cap Value Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Small Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $113 | 1.10% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the industrials, real estate, and information technology sectors buoyed the Fund's relative performance during the annual period.

**Allocations** \| Underweights in the real estate and energy sectors lifted the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Kratos Defense, a provider of advanced defense and security solutions; ATI, a producer of specialty materials and components for aerospace and defense; Primoris Services, a construction and engineering services company focused on energy and infrastructure; Viavi Solutions, a supplier of network testing, monitoring, and optical technologies; and Tenet Healthcare, a diversified healthcare services company operating hospitals and outpatient centers, were top contributors to Fund performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the consumer discretionary, materials, financials, energy, and consumer staples sectors all hurt the Fund's relative performance during the annual period.

**Allocations** \| No allocation to the communication services sector, as well allocations to the financials, industrials, and information technology sectors detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Six Flags, an operator of amusement parks and entertainment venues; Alight, a provider of cloud-based human capital and business solutions; Kemper Corp, an insurance and financial services company; SM Energy Company, an independent oil and natural gas exploration and production company; and Fluence Energy, a provider of energy storage products and services for renewable power integration, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Class 2 **\|** ASR7022_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g48b31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Small Cap Value Fund Class 2 ($21521)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Value Index ($24256)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9050 | $9436 | $9328 |
| **02/16** | $9264 | $9433 | $9392 |
| **03/16** | $10059 | $10097 | $10170 |
| **04/16** | $10080 | $10159 | $10386 |
| **05/16** | $10245 | $10341 | $10576 |
| **06/16** | $9899 | $10362 | $10608 |
| **07/16** | $10491 | $10774 | $11181 |
| **08/16** | $10550 | $10801 | $11458 |
| **09/16** | $10582 | $10818 | $11549 |
| **10/16** | $10075 | $10584 | $11169 |
| **11/16** | $10950 | $11058 | $12652 |
| **12/16** | $11366 | $11274 | $13174 |
| **01/17** | $11377 | $11486 | $13080 |
| **02/17** | $11542 | $11913 | $13269 |
| **03/17** | $11505 | $11921 | $13157 |
| **04/17** | $11558 | $12047 | $13209 |
| **05/17** | $11745 | $12171 | $12797 |
| **06/17** | $11916 | $12280 | $13245 |
| **07/17** | $12001 | $12512 | $13329 |
| **08/17** | $11814 | $12536 | $13001 |
| **09/17** | $12353 | $12842 | $13922 |
| **10/17** | $12492 | $13122 | $13940 |
| **11/17** | $12823 | $13521 | $14344 |
| **12/17** | $12737 | $13656 | $14207 |
| **01/18** | $13196 | $14375 | $14382 |
| **02/18** | $12695 | $13846 | $13663 |
| **03/18** | $12882 | $13568 | $13832 |
| **04/18** | $12583 | $13619 | $14071 |
| **05/18** | $13015 | $14004 | $14890 |
| **06/18** | $12946 | $14095 | $14980 |
| **07/18** | $13362 | $14563 | $15245 |
| **08/18** | $13778 | $15074 | $15608 |
| **09/18** | $13581 | $15099 | $15221 |
| **10/18** | $12199 | $13988 | $13858 |
| **11/18** | $12396 | $14268 | $14081 |
| **12/18** | $11105 | $12940 | $12379 |
| **01/19** | $12385 | $14051 | $13733 |
| **02/19** | $12796 | $14545 | $14267 |
| **03/19** | $12524 | $14757 | $13856 |
| **04/19** | $13084 | $15346 | $14380 |
| **05/19** | $12001 | $14353 | $13205 |
| **06/19** | $12684 | $15361 | $14046 |
| **07/19** | $12684 | $15590 | $14069 |
| **08/19** | $11825 | $15272 | $13284 |
| **09/19** | $12220 | $15540 | $13966 |
| **10/19** | $12364 | $15874 | $14304 |
| **11/19** | $12599 | $16478 | $14639 |
| **12/19** | $13042 | $16954 | $15151 |
| **01/20** | $12871 | $16935 | $14334 |
| **02/20** | $11371 | $15549 | $12941 |
| **03/20** | $8324 | $13410 | $9748 |
| **04/20** | $9765 | $15187 | $10951 |
| **05/20** | $10347 | $15999 | $11265 |
| **06/20** | $10544 | $16364 | $11591 |
| **07/20** | $11211 | $17294 | $11830 |
| **08/20** | $11686 | $18546 | $12468 |
| **09/20** | $11409 | $17871 | $11887 |
| **10/20** | $11553 | $17485 | $12313 |
| **11/20** | $13282 | $19613 | $14690 |
| **12/20** | $14205 | $20495 | $15853 |
| **01/21** | $14674 | $20404 | $16688 |
| **02/21** | $16105 | $21042 | $18255 |
| **03/21** | $16873 | $21796 | $19209 |
| **04/21** | $17641 | $22919 | $19598 |
| **05/21** | $18111 | $23024 | $20208 |
| **06/21** | $17727 | $23592 | $20085 |
| **07/21** | $17396 | $23991 | $19366 |
| **08/21** | $17764 | $24675 | $19885 |
| **09/21** | $17465 | $23568 | $19486 |
| **10/21** | $17972 | $25161 | $20229 |
| **11/21** | $17423 | $24778 | $19538 |
| **12/21** | $18554 | $25754 | $20335 |
| **01/22** | $17615 | $24239 | $19150 |
| **02/22** | $17860 | $23628 | $19467 |
| **03/22** | $17673 | $24395 | $19847 |
| **04/22** | $16329 | $22206 | $18307 |
| **05/22** | $16606 | $22176 | $18658 |
| **06/22** | $14920 | $20321 | $16815 |
| **07/22** | $16457 | $22227 | $18443 |
| **08/22** | $16003 | $21397 | $17860 |
| **09/22** | $14541 | $19413 | $16040 |
| **10/22** | $16323 | $21005 | $18059 |
| **11/22** | $16766 | $22102 | $18611 |
| **12/22** | $15784 | $20808 | $17390 |
| **01/23** | $17236 | $22241 | $19050 |
| **02/23** | $17172 | $21721 | $18610 |
| **03/23** | $16227 | $22302 | $17276 |
| **04/23** | $16083 | $22539 | $16845 |
| **05/23** | $15576 | $22627 | $16514 |
| **06/23** | $17044 | $24172 | $17825 |
| **07/23** | $18036 | $25039 | $19171 |
| **08/23** | $17369 | $24555 | $18248 |
| **09/23** | $16163 | $23386 | $17298 |
| **10/23** | $15112 | $22766 | $16266 |
| **11/23** | $16275 | $24888 | $17730 |
| **12/23** | $17812 | $26209 | $19937 |
| **01/24** | $17247 | $26499 | $19031 |
| **02/24** | $17828 | $27933 | $19654 |
| **03/24** | $18885 | $28835 | $20515 |
| **04/24** | $18143 | $27566 | $19208 |
| **05/24** | $18879 | $28868 | $20107 |
| **06/24** | $18602 | $29762 | $19768 |
| **07/24** | $20336 | $30315 | $22177 |
| **08/24** | $20256 | $30975 | $21761 |
| **09/24** | $20224 | $31616 | $21774 |
| **10/24** | $20053 | $31384 | $21434 |
| **11/24** | $22086 | $33471 | $23501 |
| **12/24** | $20245 | $32448 | $21543 |
| **01/25** | $20768 | $33473 | $21985 |
| **02/25** | $19525 | $32831 | $21144 |
| **03/25** | $18437 | $30916 | $19875 |
| **04/25** | $17695 | $30709 | $19077 |
| **05/25** | $18853 | $32655 | $19878 |
| **06/25** | $19674 | $34314 | $20862 |
| **07/25** | $19856 | $35070 | $21230 |
| **08/25** | $21297 | $35881 | $23028 |
| **09/25** | $21467 | $37120 | $23491 |
| **10/25** | $21190 | $37915 | $23550 |
| **11/25** | $21782 | $38019 | $24212 |
| **12/25** | $21521 | $38012 | $24256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 6.30 | 8.66 | 7.97 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Value Index | 12.59 | 8.88 | 9.27 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $105408057 |
| **Total number of portfolio holdings** | 56 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $900599 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Variable Portfolio – Select Small Cap Value Fund \| Class 2 **\|** ASR7022_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 28.6% |
| Industrials | 19.3% |
| Information Technology | 10.7% |
| Health Care | 9.8% |
| Consumer Discretionary | 8.4% |
| Real Estate | 8.1% |
| Energy | 4.7% |
| Materials | 4.2% |
| Utilities | 2.7% |
| Consumer Staples | 2.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| Axos Financial, Inc. | 3.5% |
| MACOM Technology Solutions Holdings, Inc. | 3.4% |
| ATI, Inc. | 3.2% |
| Primoris Services Corp. | 3.1% |
| Kratos Defense & Security Solutions, Inc. | 3.1% |
| Popular, Inc. | 3.0% |
| Zurn Elkay Water Solutions Corp. | 2.8% |
| Viavi Solutions, Inc. | 2.8% |
| Portland General Electric Co. | 2.8% |
| Atmus Filtration Technologies, Inc. | 2.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.9% |
| Money Market Funds | 1.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Small Cap Value Fund \| Class 2 **\|** ASR7022_02_12_D01_(02/26) \|

# Columbia Variable Portfolio – Select Small Cap Value Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Select Small Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $100 | 0.97% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the industrials, real estate, and information technology sectors buoyed the Fund's relative performance during the annual period.

**Allocations** \| Underweights in the real estate and energy sectors lifted the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Kratos Defense, a provider of advanced defense and security solutions; ATI, a producer of specialty materials and components for aerospace and defense; Primoris Services, a construction and engineering services company focused on energy and infrastructure; Viavi Solutions, a supplier of network testing, monitoring, and optical technologies; and Tenet Healthcare, a diversified healthcare services company operating hospitals and outpatient centers, were top contributors to Fund performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the consumer discretionary, materials, financials, energy, and consumer staples sectors all hurt the Fund's relative performance during the annual period.

**Allocations** \| No allocation to the communication services sector, as well allocations to the financials, industrials, and information technology sectors detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Six Flags, an operator of amusement parks and entertainment venues; Alight, a provider of cloud-based human capital and business solutions; Kemper Corp, an insurance and financial services company; SM Energy Company, an independent oil and natural gas exploration and production company; and Fluence Energy, a provider of energy storage products and services for renewable power integration, were top detractors from Fund performance during the period.

Columbia Variable Portfolio – Select Small Cap Value Fund \| Class 3 **\|** ASR7022_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g16z37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Select Small Cap Value Fund Class 3 ($21802)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Value Index ($24256)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9051 | $9436 | $9328 |
| **02/16** | $9269 | $9433 | $9392 |
| **03/16** | $10064 | $10097 | $10170 |
| **04/16** | $10090 | $10159 | $10386 |
| **05/16** | $10254 | $10341 | $10576 |
| **06/16** | $9905 | $10362 | $10608 |
| **07/16** | $10503 | $10774 | $11181 |
| **08/16** | $10562 | $10801 | $11458 |
| **09/16** | $10599 | $10818 | $11549 |
| **10/16** | $10090 | $10584 | $11169 |
| **11/16** | $10965 | $11058 | $12652 |
| **12/16** | $11383 | $11274 | $13174 |
| **01/17** | $11394 | $11486 | $13080 |
| **02/17** | $11563 | $11913 | $13269 |
| **03/17** | $11526 | $11921 | $13157 |
| **04/17** | $11579 | $12047 | $13209 |
| **05/17** | $11770 | $12171 | $12797 |
| **06/17** | $11945 | $12280 | $13245 |
| **07/17** | $12030 | $12512 | $13329 |
| **08/17** | $11839 | $12536 | $13001 |
| **09/17** | $12379 | $12842 | $13922 |
| **10/17** | $12528 | $13122 | $13940 |
| **11/17** | $12856 | $13521 | $14344 |
| **12/17** | $12772 | $13656 | $14207 |
| **01/18** | $13233 | $14375 | $14382 |
| **02/18** | $12735 | $13846 | $13663 |
| **03/18** | $12920 | $13568 | $13832 |
| **04/18** | $12623 | $13619 | $14071 |
| **05/18** | $13058 | $14004 | $14890 |
| **06/18** | $12989 | $14095 | $14980 |
| **07/18** | $13408 | $14563 | $15245 |
| **08/18** | $13826 | $15074 | $15608 |
| **09/18** | $13630 | $15099 | $15221 |
| **10/18** | $12242 | $13988 | $13858 |
| **11/18** | $12443 | $14268 | $14081 |
| **12/18** | $11150 | $12940 | $12379 |
| **01/19** | $12438 | $14051 | $13733 |
| **02/19** | $12851 | $14545 | $14267 |
| **03/19** | $12576 | $14757 | $13856 |
| **04/19** | $13143 | $15346 | $14380 |
| **05/19** | $12056 | $14353 | $13205 |
| **06/19** | $12740 | $15361 | $14046 |
| **07/19** | $12745 | $15590 | $14069 |
| **08/19** | $11881 | $15272 | $13284 |
| **09/19** | $12284 | $15540 | $13966 |
| **10/19** | $12422 | $15874 | $14304 |
| **11/19** | $12666 | $16478 | $14639 |
| **12/19** | $13111 | $16954 | $15151 |
| **01/20** | $12941 | $16935 | $14334 |
| **02/20** | $11431 | $15549 | $12941 |
| **03/20** | $8368 | $13410 | $9748 |
| **04/20** | $9820 | $15187 | $10951 |
| **05/20** | $10408 | $15999 | $11265 |
| **06/20** | $10609 | $16364 | $11591 |
| **07/20** | $11277 | $17294 | $11830 |
| **08/20** | $11759 | $18546 | $12468 |
| **09/20** | $11479 | $17871 | $11887 |
| **10/20** | $11627 | $17485 | $12313 |
| **11/20** | $13365 | $19613 | $14690 |
| **12/20** | $14298 | $20495 | $15853 |
| **01/21** | $14769 | $20404 | $16688 |
| **02/21** | $16211 | $21042 | $18255 |
| **03/21** | $16990 | $21796 | $19209 |
| **04/21** | $17764 | $22919 | $19598 |
| **05/21** | $18235 | $23024 | $20208 |
| **06/21** | $17854 | $23592 | $20085 |
| **07/21** | $17525 | $23991 | $19366 |
| **08/21** | $17896 | $24675 | $19885 |
| **09/21** | $17599 | $23568 | $19486 |
| **10/21** | $18108 | $25161 | $20229 |
| **11/21** | $17557 | $24778 | $19538 |
| **12/21** | $18702 | $25754 | $20335 |
| **01/22** | $17753 | $24239 | $19150 |
| **02/22** | $18002 | $23628 | $19467 |
| **03/22** | $17817 | $24395 | $19847 |
| **04/22** | $16465 | $22206 | $18307 |
| **05/22** | $16741 | $22176 | $18658 |
| **06/22** | $15045 | $20321 | $16815 |
| **07/22** | $16598 | $22227 | $18443 |
| **08/22** | $16142 | $21397 | $17860 |
| **09/22** | $14669 | $19413 | $16040 |
| **10/22** | $16471 | $21005 | $18059 |
| **11/22** | $16921 | $22102 | $18611 |
| **12/22** | $15930 | $20808 | $17390 |
| **01/23** | $17398 | $22241 | $19050 |
| **02/23** | $17329 | $21721 | $18610 |
| **03/23** | $16381 | $22302 | $17276 |
| **04/23** | $16232 | $22539 | $16845 |
| **05/23** | $15723 | $22627 | $16514 |
| **06/23** | $17207 | $24172 | $17825 |
| **07/23** | $18214 | $25039 | $19171 |
| **08/23** | $17541 | $24555 | $18248 |
| **09/23** | $16328 | $23386 | $17298 |
| **10/23** | $15262 | $22766 | $16266 |
| **11/23** | $16444 | $24888 | $17730 |
| **12/23** | $17997 | $26209 | $19937 |
| **01/24** | $17424 | $26499 | $19031 |
| **02/24** | $18018 | $27933 | $19654 |
| **03/24** | $19083 | $28835 | $20515 |
| **04/24** | $18341 | $27566 | $19208 |
| **05/24** | $19083 | $28868 | $20107 |
| **06/24** | $18808 | $29762 | $19768 |
| **07/24** | $20562 | $30315 | $22177 |
| **08/24** | $20482 | $30975 | $21761 |
| **09/24** | $20450 | $31616 | $21774 |
| **10/24** | $20281 | $31384 | $21434 |
| **11/24** | $22342 | $33471 | $23501 |
| **12/24** | $20482 | $32448 | $21543 |
| **01/25** | $21012 | $33473 | $21985 |
| **02/25** | $19756 | $32831 | $21144 |
| **03/25** | $18654 | $30916 | $19875 |
| **04/25** | $17907 | $30709 | $19077 |
| **05/25** | $19078 | $32655 | $19878 |
| **06/25** | $19915 | $34314 | $20862 |
| **07/25** | $20101 | $35070 | $21230 |
| **08/25** | $21563 | $35881 | $23028 |
| **09/25** | $21738 | $37120 | $23491 |
| **10/25** | $21463 | $37915 | $23550 |
| **11/25** | $22061 | $38019 | $24212 |
| **12/25** | $21802 | $38012 | $24256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3 | 6.44 | 8.80 | 8.11 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Value Index | 12.59 | 8.88 | 9.27 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $105408057 |
| **Total number of portfolio holdings** | 56 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $900599 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Variable Portfolio – Select Small Cap Value Fund \| Class 3 **\|** ASR7022_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 28.6% |
| Industrials | 19.3% |
| Information Technology | 10.7% |
| Health Care | 9.8% |
| Consumer Discretionary | 8.4% |
| Real Estate | 8.1% |
| Energy | 4.7% |
| Materials | 4.2% |
| Utilities | 2.7% |
| Consumer Staples | 2.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| Axos Financial, Inc. | 3.5% |
| MACOM Technology Solutions Holdings, Inc. | 3.4% |
| ATI, Inc. | 3.2% |
| Primoris Services Corp. | 3.1% |
| Kratos Defense & Security Solutions, Inc. | 3.1% |
| Popular, Inc. | 3.0% |
| Zurn Elkay Water Solutions Corp. | 2.8% |
| Viavi Solutions, Inc. | 2.8% |
| Portland General Electric Co. | 2.8% |
| Atmus Filtration Technologies, Inc. | 2.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.9% |
| Money Market Funds | 1.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Select Small Cap Value Fund \| Class 3 **\|** ASR7022_03_12_D01_(02/26) \|

# Columbia Variable Portfolio – Seligman Global Technology Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Seligman Global Technology Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $110 | 0.94% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the technology hardware storage, semiconductor and semiconductor equipment, electronic equipment, and communications equipment industries all contributed to the Fund's relative performance during the annual period.

**Allocations** \| An overweight to the electrical equipment industry significantly contributed, with the software, technology hardware and interactive media & services industries also boosting the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Bloom Energy, a fuel cell technology provider; Lam Research, a semiconductor fabrication equipment manufacturer; Broadcom, a global semiconductor and infrastructure software solutions provider; Western Digital, a data storage solutions provider; and NVIDIA, a leading designer of graphics processing units (GPUs) and AI computing platforms, were top contributors to Fund performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the software and IT services industries hurt the Fund's relative performance during the annual period.

**Allocations** \| An overallocation to the financial services and semiconductor & semiconductor equipment industries, as well as a small allocation to the diversified telecommunication services industry, detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Global Payments, a payment technology and software solutions provider; GoDaddy, an internet domain registrar and web hosting company; Salesforce, a leading provider of customer relationship management (CRM) software and enterprise cloud solutions; Wix.com, a cloud-based web development platform provider; and Marvell, a semiconductor company specializing in data infrastructure solutions, were top detractors from the Fund's performance during the period.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Class 1 **\|** ASR7072_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g82r52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Seligman Global Technology Fund Class 1 ($79329)** | **MSCI ACWI Index (Net) ($30302)** | **MSCI World Information Technology Index (Net) ($71942)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9188 | $9397 | $9421 |
| **02/16** | $9510 | $9332 | $9288 |
| **03/16** | $10240 | $10024 | $10096 |
| **04/16** | $9875 | $10172 | $9670 |
| **05/16** | $10375 | $10185 | $10121 |
| **06/16** | $10166 | $10123 | $9841 |
| **07/16** | $10954 | $10559 | $10645 |
| **08/16** | $11389 | $10595 | $10844 |
| **09/16** | $11670 | $10660 | $11122 |
| **10/16** | $11565 | $10479 | $11053 |
| **11/16** | $11852 | $10558 | $10991 |
| **12/16** | $11934 | $10786 | $11145 |
| **01/17** | $12843 | $11081 | $11655 |
| **02/17** | $13289 | $11392 | $12200 |
| **03/17** | $13735 | $11532 | $12511 |
| **04/17** | $14132 | $11711 | $12813 |
| **05/17** | $14892 | $11970 | $13431 |
| **06/17** | $14221 | $12024 | $13119 |
| **07/17** | $14797 | $12360 | $13661 |
| **08/17** | $15171 | $12408 | $14073 |
| **09/17** | $15665 | $12647 | $14223 |
| **10/17** | $16481 | $12910 | $15236 |
| **11/17** | $16473 | $13160 | $15415 |
| **12/17** | $16137 | $13372 | $15406 |
| **01/18** | $17140 | $14127 | $16562 |
| **02/18** | $17214 | $13533 | $16527 |
| **03/18** | $17080 | $13244 | $15932 |
| **04/18** | $16279 | $13370 | $15939 |
| **05/18** | $17529 | $13387 | $16943 |
| **06/18** | $17039 | $13314 | $16860 |
| **07/18** | $17397 | $13716 | $17188 |
| **08/18** | $17964 | $13824 | $18305 |
| **09/18** | $17531 | $13884 | $18233 |
| **10/18** | $15872 | $12843 | $16648 |
| **11/18** | $16122 | $13031 | $16322 |
| **12/18** | $14821 | $12113 | $15006 |
| **01/19** | $16714 | $13070 | $16164 |
| **02/19** | $17731 | $13419 | $17205 |
| **03/19** | $18223 | $13588 | $17943 |
| **04/19** | $19640 | $14047 | $19092 |
| **05/19** | $17231 | $13214 | $17483 |
| **06/19** | $18743 | $14079 | $18997 |
| **07/19** | $19994 | $14120 | $19543 |
| **08/19** | $19433 | $13785 | $19121 |
| **09/19** | $19857 | $14075 | $19427 |
| **10/19** | $20793 | $14460 | $20179 |
| **11/19** | $21837 | $14813 | $21258 |
| **12/19** | $23020 | $15335 | $22142 |
| **01/20** | $23108 | $15166 | $22885 |
| **02/20** | $21502 | $13941 | $21193 |
| **03/20** | $18644 | $12059 | $19227 |
| **04/20** | $21207 | $13351 | $21836 |
| **05/20** | $22941 | $13931 | $23515 |
| **06/20** | $24508 | $14376 | $25217 |
| **07/20** | $25908 | $15137 | $26694 |
| **08/20** | $27049 | $16063 | $29528 |
| **09/20** | $26164 | $15545 | $28199 |
| **10/20** | $26046 | $15167 | $26748 |
| **11/20** | $30921 | $17037 | $30110 |
| **12/20** | $33651 | $17828 | $31835 |
| **01/21** | $34302 | $17747 | $31657 |
| **02/21** | $36638 | $18158 | $32037 |
| **03/21** | $37395 | $18643 | $32272 |
| **04/21** | $38525 | $19458 | $34036 |
| **05/21** | $38973 | $19761 | $33681 |
| **06/21** | $41128 | $20021 | $35992 |
| **07/21** | $41050 | $20159 | $37274 |
| **08/21** | $42335 | $20664 | $38715 |
| **09/21** | $40075 | $19810 | $36503 |
| **10/21** | $42644 | $20821 | $39256 |
| **11/21** | $44297 | $20320 | $40290 |
| **12/21** | $46783 | $21133 | $41336 |
| **01/22** | $41466 | $20095 | $37831 |
| **02/22** | $41121 | $19576 | $36059 |
| **03/22** | $41811 | $20000 | $37138 |
| **04/22** | $37041 | $18399 | $32734 |
| **05/22** | $37791 | $18420 | $32232 |
| **06/22** | $33009 | $16868 | $29048 |
| **07/22** | $37121 | $18046 | $32857 |
| **08/22** | $34601 | $17381 | $30906 |
| **09/22** | $30488 | $15717 | $27223 |
| **10/22** | $32158 | $16666 | $29294 |
| **11/22** | $34863 | $17958 | $31100 |
| **12/22** | $31941 | $17252 | $28609 |
| **01/23** | $35729 | $18488 | $31490 |
| **02/23** | $35420 | $17958 | $31483 |
| **03/23** | $37337 | $18512 | $34645 |
| **04/23** | $35698 | $18778 | $34595 |
| **05/23** | $39192 | $18577 | $37421 |
| **06/23** | $41929 | $19656 | $39729 |
| **07/23** | $43647 | $20375 | $40805 |
| **08/23** | $42518 | $19806 | $40033 |
| **09/23** | $40405 | $18987 | $37310 |
| **10/23** | $38083 | $18416 | $36996 |
| **11/23** | $43599 | $20116 | $42048 |
| **12/23** | $46406 | $21082 | $43848 |
| **01/24** | $46696 | $21206 | $45612 |
| **02/24** | $48486 | $22116 | $48416 |
| **03/24** | $50357 | $22810 | $49240 |
| **04/24** | $48373 | $22057 | $46430 |
| **05/24** | $51922 | $22953 | $50438 |
| **06/24** | $54116 | $23464 | $54849 |
| **07/24** | $53834 | $23843 | $53718 |
| **08/24** | $54024 | $24448 | $54492 |
| **09/24** | $54732 | $25016 | $55685 |
| **10/24** | $54179 | $24455 | $54970 |
| **11/24** | $58877 | $25370 | $57831 |
| **12/24** | $58894 | $24769 | $58252 |
| **01/25** | $60742 | $25600 | $57379 |
| **02/25** | $57167 | $25446 | $56312 |
| **03/25** | $51433 | $24441 | $51303 |
| **04/25** | $51036 | $24669 | $52364 |
| **05/25** | $55423 | $26087 | $57854 |
| **06/25** | $61243 | $27258 | $63196 |
| **07/25** | $64768 | $27628 | $65772 |
| **08/25** | $67422 | $28310 | $66051 |
| **09/25** | $75594 | $29336 | $70972 |
| **10/25** | $82648 | $29992 | $75592 |
| **11/25** | $79766 | $29989 | $72052 |
| **12/25** | $79329 | $30302 | $71942 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1 | 34.70 | 18.71 | 23.01 |
| MSCI ACWI Index (Net) | 22.34 | 11.19 | 11.72 |
| MSCI World Information Technology Index (Net) | 23.50 | 17.71 | 21.81 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $325275606 |
| **Total number of portfolio holdings** | 70 |
| **Management services fees (represents 0.91% of Fund average net assets)** | $2277297 |
| **Portfolio turnover for the reporting period** | 28% |

---

Columbia Variable Portfolio – Seligman Global Technology Fund \| Class 1 **\|** ASR7072_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 22.3% |
| Semiconductor Materials & Equipment | 13.7% |
| Systems Software | 11.0% |
| Technology Hardware, Storage & Peripherals | 10.6% |
| Application Software | 6.7% |
| Communications Equipment | 3.2% |
| Internet Services & Infrastructure | 1.9% |
| Electronic Equipment & Instruments | 1.4% |
| Other | 0.1% |

---

### Top Holdings

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 7.7% |
| Lam Research Corp. | 7.2% |
| NVIDIA Corp. | 5.9% |
| Alphabet, Inc., Class A | 4.9% |
| Broadcom, Inc. | 4.9% |
| Microsoft Corp. | 4.3% |
| Western Digital Corp. | 3.8% |
| Apple, Inc. | 3.6% |
| Applied Materials, Inc. | 3.3% |
| Marvell Technology, Inc. | 3.3% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 70.8% |
| Communication Services | 11.4% |
| Industrials | 9.5% |
| Financials | 4.4% |
| Consumer Discretionary | 2.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Seligman Global Technology Fund \| Class 1 **\|** ASR7072_01_12_D01_(02/26) \|

# Columbia Variable Portfolio – Seligman Global Technology Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Columbia Variable Portfolio – Seligman Global Technology Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $139 | 1.19% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the technology hardware storage, semiconductor and semiconductor equipment, electronic equipment, and communications equipment industries all contributed to the Fund's relative performance during the annual period.

**Allocations** \| An overweight to the electrical equipment industry significantly contributed, with the software, technology hardware and interactive media & services industries also boosting the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Bloom Energy, a fuel cell technology provider; Lam Research, a semiconductor fabrication equipment manufacturer; Broadcom, a global semiconductor and infrastructure software solutions provider; Western Digital, a data storage solutions provider; and NVIDIA, a leading designer of graphics processing units (GPUs) and AI computing platforms, were top contributors to Fund performance during the period.

### Top Performance Detractors
**Stock selection** \| Selections in the software and IT services industries hurt the Fund's relative performance during the annual period.

**Allocations** \| An overallocation to the financial services and semiconductor & semiconductor equipment industries, as well as a small allocation to the diversified telecommunication services industry, detracted from the Fund's relative performance.

**Individual holdings** \| Positions in Global Payments, a payment technology and software solutions provider; GoDaddy, an internet domain registrar and web hosting company; Salesforce, a leading provider of customer relationship management (CRM) software and enterprise cloud solutions; Wix.com, a cloud-based web development platform provider; and Marvell, a semiconductor company specializing in data infrastructure solutions, were top detractors from the Fund's performance during the period.

Columbia Variable Portfolio – Seligman Global Technology Fund \| Class 2 **\|** ASR7072_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g38v22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Variable Portfolio – Seligman Global Technology Fund Class 2 ($77343)** | **MSCI ACWI Index (Net) ($30302)** | **MSCI World Information Technology Index (Net) ($71942)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9188 | $9397 | $9421 |
| **02/16** | $9507 | $9332 | $9288 |
| **03/16** | $10237 | $10024 | $10096 |
| **04/16** | $9870 | $10172 | $9670 |
| **05/16** | $10360 | $10185 | $10121 |
| **06/16** | $10154 | $10123 | $9841 |
| **07/16** | $10938 | $10559 | $10645 |
| **08/16** | $11367 | $10595 | $10844 |
| **09/16** | $11646 | $10660 | $11122 |
| **10/16** | $11536 | $10479 | $11053 |
| **11/16** | $11820 | $10558 | $10991 |
| **12/16** | $11901 | $10786 | $11145 |
| **01/17** | $12807 | $11081 | $11655 |
| **02/17** | $13248 | $11392 | $12200 |
| **03/17** | $13684 | $11532 | $12511 |
| **04/17** | $14084 | $11711 | $12813 |
| **05/17** | $14833 | $11970 | $13431 |
| **06/17** | $14162 | $12024 | $13119 |
| **07/17** | $14732 | $12360 | $13661 |
| **08/17** | $15101 | $12408 | $14073 |
| **09/17** | $15591 | $12647 | $14223 |
| **10/17** | $16403 | $12910 | $15236 |
| **11/17** | $16395 | $13160 | $15415 |
| **12/17** | $16057 | $13372 | $15406 |
| **01/18** | $17045 | $14127 | $16562 |
| **02/18** | $17110 | $13533 | $16527 |
| **03/18** | $16973 | $13244 | $15932 |
| **04/18** | $16178 | $13370 | $15939 |
| **05/18** | $17415 | $13387 | $16943 |
| **06/18** | $16933 | $13314 | $16860 |
| **07/18** | $17284 | $13716 | $17188 |
| **08/18** | $17842 | $13824 | $18305 |
| **09/18** | $17401 | $13884 | $18233 |
| **10/18** | $15754 | $12843 | $16648 |
| **11/18** | $15997 | $13031 | $16322 |
| **12/18** | $14701 | $12113 | $15006 |
| **01/19** | $16582 | $13070 | $16164 |
| **02/19** | $17590 | $13419 | $17205 |
| **03/19** | $18076 | $13588 | $17943 |
| **04/19** | $19472 | $14047 | $19092 |
| **05/19** | $17077 | $13214 | $17483 |
| **06/19** | $18575 | $14079 | $18997 |
| **07/19** | $19804 | $14120 | $19543 |
| **08/19** | $19244 | $13785 | $19121 |
| **09/19** | $19664 | $14075 | $19427 |
| **10/19** | $20581 | $14460 | $20179 |
| **11/19** | $21617 | $14813 | $21258 |
| **12/19** | $22782 | $15335 | $22142 |
| **01/20** | $22868 | $15166 | $22885 |
| **02/20** | $21271 | $13941 | $21193 |
| **03/20** | $18445 | $12059 | $19227 |
| **04/20** | $20969 | $13351 | $21836 |
| **05/20** | $22685 | $13931 | $23515 |
| **06/20** | $24227 | $14376 | $25217 |
| **07/20** | $25611 | $15137 | $26694 |
| **08/20** | $26728 | $16063 | $29528 |
| **09/20** | $25846 | $15545 | $28199 |
| **10/20** | $25728 | $15167 | $26748 |
| **11/20** | $30536 | $17037 | $30110 |
| **12/20** | $33215 | $17828 | $31835 |
| **01/21** | $33862 | $17747 | $31657 |
| **02/21** | $36154 | $18158 | $32037 |
| **03/21** | $36894 | $18643 | $32272 |
| **04/21** | $37999 | $19458 | $34036 |
| **05/21** | $38434 | $19761 | $33681 |
| **06/21** | $40561 | $20021 | $35992 |
| **07/21** | $40468 | $20159 | $37274 |
| **08/21** | $41728 | $20664 | $38715 |
| **09/21** | $39486 | $19810 | $36503 |
| **10/21** | $42006 | $20821 | $39256 |
| **11/21** | $43624 | $20320 | $40290 |
| **12/21** | $46065 | $21133 | $41336 |
| **01/22** | $40826 | $20095 | $37831 |
| **02/22** | $40468 | $19576 | $36059 |
| **03/22** | $41144 | $20000 | $37138 |
| **04/22** | $36449 | $18399 | $32734 |
| **05/22** | $37165 | $18420 | $32232 |
| **06/22** | $32456 | $16868 | $29048 |
| **07/22** | $36504 | $18046 | $32857 |
| **08/22** | $34018 | $17381 | $30906 |
| **09/22** | $29958 | $15717 | $27223 |
| **10/22** | $31604 | $16666 | $29294 |
| **11/22** | $34251 | $17958 | $31100 |
| **12/22** | $31389 | $17252 | $28609 |
| **01/23** | $35091 | $18488 | $31490 |
| **02/23** | $34787 | $17958 | $31483 |
| **03/23** | $36648 | $18512 | $34645 |
| **04/23** | $35038 | $18778 | $34595 |
| **05/23** | $38454 | $18577 | $37421 |
| **06/23** | $41137 | $19656 | $39729 |
| **07/23** | $42821 | $20375 | $40805 |
| **08/23** | $41693 | $19806 | $40033 |
| **09/23** | $39624 | $18987 | $37310 |
| **10/23** | $37330 | $18416 | $36996 |
| **11/23** | $42727 | $20116 | $42048 |
| **12/23** | $45473 | $21082 | $43848 |
| **01/24** | $45755 | $21206 | $45612 |
| **02/24** | $47485 | $22116 | $48416 |
| **03/24** | $49328 | $22810 | $49240 |
| **04/24** | $47354 | $22057 | $46430 |
| **05/24** | $50814 | $22953 | $50438 |
| **06/24** | $52958 | $23464 | $54849 |
| **07/24** | $52671 | $23843 | $53718 |
| **08/24** | $52834 | $24448 | $54492 |
| **09/24** | $53527 | $25016 | $55685 |
| **10/24** | $52977 | $24455 | $54970 |
| **11/24** | $57560 | $25370 | $57831 |
| **12/24** | $57560 | $24769 | $58252 |
| **01/25** | $59372 | $25600 | $57379 |
| **02/25** | $55869 | $25446 | $56312 |
| **03/25** | $50248 | $24441 | $51303 |
| **04/25** | $49840 | $24669 | $52364 |
| **05/25** | $54118 | $26087 | $57854 |
| **06/25** | $59780 | $27258 | $63196 |
| **07/25** | $63204 | $27628 | $65772 |
| **08/25** | $65800 | $28310 | $66051 |
| **09/25** | $73768 | $29336 | $70972 |
| **10/25** | $80622 | $29992 | $75592 |
| **11/25** | $77798 | $29989 | $72052 |
| **12/25** | $77343 | $30302 | $71942 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2 | 34.37 | 18.42 | 22.70 |
| MSCI ACWI Index (Net) | 22.34 | 11.19 | 11.72 |
| MSCI World Information Technology Index (Net) | 23.50 | 17.71 | 21.81 |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $325275606 |
| **Total number of portfolio holdings** | 70 |
| **Management services fees (represents 0.91% of Fund average net assets)** | $2277297 |
| **Portfolio turnover for the reporting period** | 28% |

---

Columbia Variable Portfolio – Seligman Global Technology Fund \| Class 2 **\|** ASR7072_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 22.3% |
| Semiconductor Materials & Equipment | 13.7% |
| Systems Software | 11.0% |
| Technology Hardware, Storage & Peripherals | 10.6% |
| Application Software | 6.7% |
| Communications Equipment | 3.2% |
| Internet Services & Infrastructure | 1.9% |
| Electronic Equipment & Instruments | 1.4% |
| Other | 0.1% |

---

### Top Holdings

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 7.7% |
| Lam Research Corp. | 7.2% |
| NVIDIA Corp. | 5.9% |
| Alphabet, Inc., Class A | 4.9% |
| Broadcom, Inc. | 4.9% |
| Microsoft Corp. | 4.3% |
| Western Digital Corp. | 3.8% |
| Apple, Inc. | 3.6% |
| Applied Materials, Inc. | 3.3% |
| Marvell Technology, Inc. | 3.3% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 70.8% |
| Communication Services | 11.4% |
| Industrials | 9.5% |
| Financials | 4.4% |
| Consumer Discretionary | 2.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Columbia Variable Portfolio – Seligman Global Technology Fund \| Class 2 **\|** ASR7072_02_12_D01_(02/26) \|

# Variable Portfolio – Partners Core Equity Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Core Equity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $73 | 0.68% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the energy, financials, real estate and consumer staples sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| An underweight to the real estate sector and overweights to the industrials and utilities sectors positively impacted relative performance.

**Individual holdings** \| Positions in Howmet Aerospace, a designer and manufacturer of lightweight metal products; Broadcom, a semiconductor technology company; and Cencora, a pharmaceutical sourcing and distribution services company, were among the top contributors to the Fund's relative performance. Not holding positions in Home Depot, a building materials and home improvement products company; or Fiserv, a financial services technology company, also contributed to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, health care, industrials, materials and utilities sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the information technology and communication services sectors and an overweight to the materials sector detracted from the Fund's relative performance.

**Individual holdings** \| Positions in UnitedHealth Group, a provider of health care coverage, software and data consultancy services; Lowe's, a home improvement products company; and NVIDIA, a designer and manufacturer of computer graphics processors, were among the top detractors from the Fund's relative performance. A relative underweight to Micron Technology, a provider of memory and storage solutions; and not holding Palantir Technologies, a provider of software systems that serve as central operating systems, also detracted from relative performance during the period.

Variable Portfolio – Partners Core Equity Fund \| Class 1 **\|** ASR7053_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g40v32.jpg)

---

| | | |
|:---|:---|:---|
| | **Variable Portfolio – Partners Core Equity Fund Class 1 ($33667)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9626 | $9504 |
| **02/16** | $9632 | $9491 |
| **03/16** | $10265 | $10135 |
| **04/16** | $10219 | $10174 |
| **05/16** | $10316 | $10357 |
| **06/16** | $10297 | $10384 |
| **07/16** | $10671 | $10766 |
| **08/16** | $10704 | $10782 |
| **09/16** | $10691 | $10784 |
| **10/16** | $10549 | $10587 |
| **11/16** | $10813 | $10979 |
| **12/16** | $10975 | $11196 |
| **01/17** | $11214 | $11408 |
| **02/17** | $11666 | $11861 |
| **03/17** | $11627 | $11875 |
| **04/17** | $11685 | $11997 |
| **05/17** | $11833 | $12166 |
| **06/17** | $11911 | $12242 |
| **07/17** | $12124 | $12494 |
| **08/17** | $12137 | $12532 |
| **09/17** | $12389 | $12790 |
| **10/17** | $12640 | $13089 |
| **11/17** | $13034 | $13490 |
| **12/17** | $13221 | $13640 |
| **01/18** | $13932 | $14421 |
| **02/18** | $13357 | $13890 |
| **03/18** | $12970 | $13537 |
| **04/18** | $13054 | $13589 |
| **05/18** | $13318 | $13916 |
| **06/18** | $13312 | $14002 |
| **07/18** | $13809 | $14523 |
| **08/18** | $14267 | $14996 |
| **09/18** | $14351 | $15081 |
| **10/18** | $13325 | $14050 |
| **11/18** | $13486 | $14337 |
| **12/18** | $12163 | $13042 |
| **01/19** | $13254 | $14087 |
| **02/19** | $13602 | $14540 |
| **03/19** | $13667 | $14822 |
| **04/19** | $14158 | $15422 |
| **05/19** | $13286 | $14442 |
| **06/19** | $14138 | $15460 |
| **07/19** | $14358 | $15682 |
| **08/19** | $14067 | $15434 |
| **09/19** | $14254 | $15723 |
| **10/19** | $14480 | $16063 |
| **11/19** | $14997 | $16646 |
| **12/19** | $15397 | $17149 |
| **01/20** | $15378 | $17142 |
| **02/20** | $14145 | $15731 |
| **03/20** | $12350 | $13788 |
| **04/20** | $13880 | $15555 |
| **05/20** | $14500 | $16296 |
| **06/20** | $14700 | $16620 |
| **07/20** | $15429 | $17558 |
| **08/20** | $16320 | $18820 |
| **09/20** | $15681 | $18105 |
| **10/20** | $15462 | $17623 |
| **11/20** | $17250 | $19552 |
| **12/20** | $18018 | $20304 |
| **01/21** | $17966 | $20099 |
| **02/21** | $18515 | $20653 |
| **03/21** | $19438 | $21558 |
| **04/21** | $20575 | $22708 |
| **05/21** | $20710 | $22867 |
| **06/21** | $21020 | $23401 |
| **07/21** | $21672 | $23956 |
| **08/21** | $22240 | $24685 |
| **09/21** | $21052 | $23537 |
| **10/21** | $22556 | $25186 |
| **11/21** | $22266 | $25011 |
| **12/21** | $23331 | $26132 |
| **01/22** | $21995 | $24780 |
| **02/22** | $21465 | $24038 |
| **03/22** | $22130 | $24931 |
| **04/22** | $20239 | $22757 |
| **05/22** | $20174 | $22798 |
| **06/22** | $18844 | $20916 |
| **07/22** | $20510 | $22845 |
| **08/22** | $19626 | $21913 |
| **09/22** | $17960 | $19895 |
| **10/22** | $19232 | $21506 |
| **11/22** | $20433 | $22708 |
| **12/22** | $19283 | $21399 |
| **01/23** | $20213 | $22744 |
| **02/23** | $19768 | $22189 |
| **03/23** | $20400 | $23004 |
| **04/23** | $20671 | $23363 |
| **05/23** | $20813 | $23464 |
| **06/23** | $22021 | $25015 |
| **07/23** | $22750 | $25818 |
| **08/23** | $22498 | $25407 |
| **09/23** | $21504 | $24196 |
| **10/23** | $21252 | $23687 |
| **11/23** | $23054 | $25850 |
| **12/23** | $24048 | $27025 |
| **01/24** | $24551 | $27479 |
| **02/24** | $26030 | $28946 |
| **03/24** | $26992 | $29878 |
| **04/24** | $26010 | $28657 |
| **05/24** | $27340 | $30078 |
| **06/24** | $28179 | $31157 |
| **07/24** | $28412 | $31537 |
| **08/24** | $29012 | $32302 |
| **09/24** | $29419 | $32992 |
| **10/24** | $29174 | $32692 |
| **11/24** | $30839 | $34611 |
| **12/24** | $29684 | $33786 |
| **01/25** | $30394 | $34727 |
| **02/25** | $29884 | $34274 |
| **03/25** | $28315 | $32343 |
| **04/25** | $28076 | $32124 |
| **05/25** | $29742 | $34146 |
| **06/25** | $31149 | $35882 |
| **07/25** | $31924 | $36687 |
| **08/25** | $32382 | $37431 |
| **09/25** | $33370 | $38797 |
| **10/25** | $33731 | $39706 |
| **11/25** | $33815 | $39803 |
| **12/25** | $33667 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 13.42 | 13.32 | 12.91 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.82 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2187411967 |
| **Total number of portfolio holdings** | 112 |
| **Management services fees (represents 0.69% of Fund average net assets)** | $15488664 |
| **Portfolio turnover for the reporting period** | 52% |

---

Variable Portfolio – Partners Core Equity Fund \| Class 1 **\|** ASR7053_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 34.1% |
| Financials | 14.5% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.1% |
| Health Care | 8.7% |
| Industrials | 8.6% |
| Consumer Staples | 3.6% |
| Energy | 2.9% |
| Utilities | 2.5% |
| Materials | 2.3% |
| Other | 1.1% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.6% |
| Microsoft Corp. | 7.9% |
| Apple, Inc. | 7.5% |
| Amazon.com, Inc. | 3.6% |
| Broadcom, Inc. | 3.5% |
| Alphabet, Inc., Class C | 3.0% |
| Meta Platforms, Inc., Class A | 2.5% |
| Alphabet, Inc., Class A | 2.5% |
| Lowe's Companies, Inc. | 1.9% |
| American Express Co. | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Other | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners Core Equity Fund \| Class 1 **\|** ASR7053_01_12_D01_(02/26) \|

# Variable Portfolio – Partners Core Equity Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Core Equity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $99 | 0.93% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the energy, financials, real estate and consumer staples sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| An underweight to the real estate sector and overweights to the industrials and utilities sectors positively impacted relative performance.

**Individual holdings** \| Positions in Howmet Aerospace, a designer and manufacturer of lightweight metal products; Broadcom, a semiconductor technology company; and Cencora, a pharmaceutical sourcing and distribution services company, were among the top contributors to the Fund's relative performance. Not holding positions in Home Depot, a building materials and home improvement products company; or Fiserv, a financial services technology company, also contributed to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, health care, industrials, materials and utilities sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the information technology and communication services sectors and an overweight to the materials sector detracted from the Fund's relative performance.

**Individual holdings** \| Positions in UnitedHealth Group, a provider of health care coverage, software and data consultancy services; Lowe's, a home improvement products company; and NVIDIA, a designer and manufacturer of computer graphics processors, were among the top detractors from the Fund's relative performance. A relative underweight to Micron Technology, a provider of memory and storage solutions; and not holding Palantir Technologies, a provider of software systems that serve as central operating systems, also detracted from relative performance during the period.

Variable Portfolio – Partners Core Equity Fund \| Class 2 **\|** ASR7053_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g30a55.jpg)

---

| | | |
|:---|:---|:---|
| | **Variable Portfolio – Partners Core Equity Fund Class 2 ($32845)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9627 | $9504 |
| **02/16** | $9634 | $9491 |
| **03/16** | $10255 | $10135 |
| **04/16** | $10209 | $10174 |
| **05/16** | $10307 | $10357 |
| **06/16** | $10288 | $10384 |
| **07/16** | $10654 | $10766 |
| **08/16** | $10693 | $10782 |
| **09/16** | $10674 | $10784 |
| **10/16** | $10530 | $10587 |
| **11/16** | $10791 | $10979 |
| **12/16** | $10955 | $11196 |
| **01/17** | $11184 | $11408 |
| **02/17** | $11635 | $11861 |
| **03/17** | $11589 | $11875 |
| **04/17** | $11648 | $11997 |
| **05/17** | $11792 | $12166 |
| **06/17** | $11870 | $12242 |
| **07/17** | $12080 | $12494 |
| **08/17** | $12093 | $12532 |
| **09/17** | $12341 | $12790 |
| **10/17** | $12583 | $13089 |
| **11/17** | $12976 | $13490 |
| **12/17** | $13159 | $13640 |
| **01/18** | $13859 | $14421 |
| **02/18** | $13290 | $13890 |
| **03/18** | $12904 | $13537 |
| **04/18** | $12982 | $13589 |
| **05/18** | $13244 | $13916 |
| **06/18** | $13231 | $14002 |
| **07/18** | $13721 | $14523 |
| **08/18** | $14179 | $14996 |
| **09/18** | $14251 | $15081 |
| **10/18** | $13231 | $14050 |
| **11/18** | $13388 | $14337 |
| **12/18** | $12080 | $13042 |
| **01/19** | $13152 | $14087 |
| **02/19** | $13499 | $14540 |
| **03/19** | $13564 | $14822 |
| **04/19** | $14042 | $15422 |
| **05/19** | $13179 | $14442 |
| **06/19** | $14022 | $15460 |
| **07/19** | $14232 | $15682 |
| **08/19** | $13944 | $15434 |
| **09/19** | $14127 | $15723 |
| **10/19** | $14343 | $16063 |
| **11/19** | $14859 | $16646 |
| **12/19** | $15245 | $17149 |
| **01/20** | $15226 | $17142 |
| **02/20** | $14003 | $15731 |
| **03/20** | $12224 | $13788 |
| **04/20** | $13734 | $15555 |
| **05/20** | $14343 | $16296 |
| **06/20** | $14539 | $16620 |
| **07/20** | $15258 | $17558 |
| **08/20** | $16135 | $18820 |
| **09/20** | $15500 | $18105 |
| **10/20** | $15278 | $17623 |
| **11/20** | $17044 | $19552 |
| **12/20** | $17796 | $20304 |
| **01/21** | $17744 | $20099 |
| **02/21** | $18280 | $20653 |
| **03/21** | $19189 | $21558 |
| **04/21** | $20307 | $22708 |
| **05/21** | $20438 | $22867 |
| **06/21** | $20739 | $23401 |
| **07/21** | $21373 | $23956 |
| **08/21** | $21929 | $24685 |
| **09/21** | $20752 | $23537 |
| **10/21** | $22237 | $25186 |
| **11/21** | $21942 | $25011 |
| **12/21** | $22989 | $26132 |
| **01/22** | $21668 | $24780 |
| **02/22** | $21145 | $24038 |
| **03/22** | $21792 | $24931 |
| **04/22** | $19928 | $22757 |
| **05/22** | $19856 | $22798 |
| **06/22** | $18548 | $20916 |
| **07/22** | $20183 | $22845 |
| **08/22** | $19307 | $21913 |
| **09/22** | $17665 | $19895 |
| **10/22** | $18908 | $21506 |
| **11/22** | $20092 | $22708 |
| **12/22** | $18954 | $21399 |
| **01/23** | $19863 | $22744 |
| **02/23** | $19418 | $22189 |
| **03/23** | $20039 | $23004 |
| **04/23** | $20301 | $23363 |
| **05/23** | $20432 | $23464 |
| **06/23** | $21622 | $25015 |
| **07/23** | $22328 | $25818 |
| **08/23** | $22080 | $25407 |
| **09/23** | $21099 | $24196 |
| **10/23** | $20850 | $23687 |
| **11/23** | $22610 | $25850 |
| **12/23** | $23584 | $27025 |
| **01/24** | $24068 | $27479 |
| **02/24** | $25513 | $28946 |
| **03/24** | $26449 | $29878 |
| **04/24** | $25481 | $28657 |
| **05/24** | $26782 | $30078 |
| **06/24** | $27593 | $31157 |
| **07/24** | $27816 | $31537 |
| **08/24** | $28398 | $32302 |
| **09/24** | $28790 | $32992 |
| **10/24** | $28542 | $32692 |
| **11/24** | $30170 | $34611 |
| **12/24** | $29032 | $33786 |
| **01/25** | $29719 | $34727 |
| **02/25** | $29215 | $34274 |
| **03/25** | $27678 | $32343 |
| **04/25** | $27436 | $32124 |
| **05/25** | $29058 | $34146 |
| **06/25** | $30425 | $35882 |
| **07/25** | $31177 | $36687 |
| **08/25** | $31622 | $37431 |
| **09/25** | $32570 | $38797 |
| **10/25** | $32923 | $39706 |
| **11/25** | $32995 | $39803 |
| **12/25** | $32845 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 13.14 | 13.04 | 12.63 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.82 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2187411967 |
| **Total number of portfolio holdings** | 112 |
| **Management services fees (represents 0.69% of Fund average net assets)** | $15488664 |
| **Portfolio turnover for the reporting period** | 52% |

---

Variable Portfolio – Partners Core Equity Fund \| Class 2 **\|** ASR7053_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 34.1% |
| Financials | 14.5% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.1% |
| Health Care | 8.7% |
| Industrials | 8.6% |
| Consumer Staples | 3.6% |
| Energy | 2.9% |
| Utilities | 2.5% |
| Materials | 2.3% |
| Other | 1.1% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.6% |
| Microsoft Corp. | 7.9% |
| Apple, Inc. | 7.5% |
| Amazon.com, Inc. | 3.6% |
| Broadcom, Inc. | 3.5% |
| Alphabet, Inc., Class C | 3.0% |
| Meta Platforms, Inc., Class A | 2.5% |
| Alphabet, Inc., Class A | 2.5% |
| Lowe's Companies, Inc. | 1.9% |
| American Express Co. | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Other | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners Core Equity Fund \| Class 2 **\|** ASR7053_02_12_D01_(02/26) \|

# Variable Portfolio – Partners Core Equity Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Core Equity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $86 | 0.81% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the energy, financials, real estate and consumer staples sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| An underweight to the real estate sector and overweights to the industrials and utilities sectors positively impacted relative performance.

**Individual holdings** \| Positions in Howmet Aerospace, a designer and manufacturer of lightweight metal products; Broadcom, a semiconductor technology company; and Cencora, a pharmaceutical sourcing and distribution services company, were among the top contributors to the Fund's relative performance. Not holding positions in Home Depot, a building materials and home improvement products company; or Fiserv, a financial services technology company, also contributed to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection in the information technology, health care, industrials, materials and utilities sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the information technology and communication services sectors and an overweight to the materials sector detracted from the Fund's relative performance.

**Individual holdings** \| Positions in UnitedHealth Group, a provider of health care coverage, software and data consultancy services; Lowe's, a home improvement products company; and NVIDIA, a designer and manufacturer of computer graphics processors, were among the top detractors from the Fund's relative performance. A relative underweight to Micron Technology, a provider of memory and storage solutions; and not holding Palantir Technologies, a provider of software systems that serve as central operating systems, also detracted from relative performance during the period.

Variable Portfolio – Partners Core Equity Fund \| Class 3 **\|** ASR7053_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g77y25.jpg)

---

| | | |
|:---|:---|:---|
| | **Variable Portfolio – Partners Core Equity Fund Class 3 ($33251)** | **S&P 500<sup>®</sup> Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9623 | $9504 |
| **02/16** | $9636 | $9491 |
| **03/16** | $10260 | $10135 |
| **04/16** | $10215 | $10174 |
| **05/16** | $10312 | $10357 |
| **06/16** | $10293 | $10384 |
| **07/16** | $10663 | $10766 |
| **08/16** | $10702 | $10782 |
| **09/16** | $10683 | $10784 |
| **10/16** | $10540 | $10587 |
| **11/16** | $10800 | $10979 |
| **12/16** | $10969 | $11196 |
| **01/17** | $11196 | $11408 |
| **02/17** | $11651 | $11861 |
| **03/17** | $11606 | $11875 |
| **04/17** | $11671 | $11997 |
| **05/17** | $11814 | $12166 |
| **06/17** | $11892 | $12242 |
| **07/17** | $12100 | $12494 |
| **08/17** | $12120 | $12532 |
| **09/17** | $12367 | $12790 |
| **10/17** | $12614 | $13089 |
| **11/17** | $13004 | $13490 |
| **12/17** | $13192 | $13640 |
| **01/18** | $13895 | $14421 |
| **02/18** | $13322 | $13890 |
| **03/18** | $12939 | $13537 |
| **04/18** | $13017 | $13589 |
| **05/18** | $13283 | $13916 |
| **06/18** | $13270 | $14002 |
| **07/18** | $13765 | $14523 |
| **08/18** | $14220 | $14996 |
| **09/18** | $14304 | $15081 |
| **10/18** | $13277 | $14050 |
| **11/18** | $13440 | $14337 |
| **12/18** | $12126 | $13042 |
| **01/19** | $13205 | $14087 |
| **02/19** | $13550 | $14540 |
| **03/19** | $13615 | $14822 |
| **04/19** | $14103 | $15422 |
| **05/19** | $13231 | $14442 |
| **06/19** | $14083 | $15460 |
| **07/19** | $14298 | $15682 |
| **08/19** | $14005 | $15434 |
| **09/19** | $14194 | $15723 |
| **10/19** | $14415 | $16063 |
| **11/19** | $14928 | $16646 |
| **12/19** | $15325 | $17149 |
| **01/20** | $15306 | $17142 |
| **02/20** | $14077 | $15731 |
| **03/20** | $12289 | $13788 |
| **04/20** | $13810 | $15555 |
| **05/20** | $14421 | $16296 |
| **06/20** | $14616 | $16620 |
| **07/20** | $15345 | $17558 |
| **08/20** | $16229 | $18820 |
| **09/20** | $15592 | $18105 |
| **10/20** | $15371 | $17623 |
| **11/20** | $17146 | $19552 |
| **12/20** | $17906 | $20304 |
| **01/21** | $17854 | $20099 |
| **02/21** | $18401 | $20653 |
| **03/21** | $19311 | $21558 |
| **04/21** | $20442 | $22708 |
| **05/21** | $20579 | $22867 |
| **06/21** | $20878 | $23401 |
| **07/21** | $21521 | $23956 |
| **08/21** | $22087 | $24685 |
| **09/21** | $20904 | $23537 |
| **10/21** | $22399 | $25186 |
| **11/21** | $22107 | $25011 |
| **12/21** | $23160 | $26132 |
| **01/22** | $21827 | $24780 |
| **02/22** | $21307 | $24038 |
| **03/22** | $21964 | $24931 |
| **04/22** | $20085 | $22757 |
| **05/22** | $20013 | $22798 |
| **06/22** | $18700 | $20916 |
| **07/22** | $20345 | $22845 |
| **08/22** | $19467 | $21913 |
| **09/22** | $17815 | $19895 |
| **10/22** | $19070 | $21506 |
| **11/22** | $20260 | $22708 |
| **12/22** | $19122 | $21399 |
| **01/23** | $20039 | $22744 |
| **02/23** | $19590 | $22189 |
| **03/23** | $20221 | $23004 |
| **04/23** | $20488 | $23363 |
| **05/23** | $20624 | $23464 |
| **06/23** | $21821 | $25015 |
| **07/23** | $22542 | $25818 |
| **08/23** | $22289 | $25407 |
| **09/23** | $21307 | $24196 |
| **10/23** | $21053 | $23687 |
| **11/23** | $22835 | $25850 |
| **12/23** | $23817 | $27025 |
| **01/24** | $24311 | $27479 |
| **02/24** | $25774 | $28946 |
| **03/24** | $26717 | $29878 |
| **04/24** | $25748 | $28657 |
| **05/24** | $27061 | $30078 |
| **06/24** | $27887 | $31157 |
| **07/24** | $28108 | $31537 |
| **08/24** | $28706 | $32302 |
| **09/24** | $29103 | $32992 |
| **10/24** | $28856 | $32692 |
| **11/24** | $30507 | $34611 |
| **12/24** | $29356 | $33786 |
| **01/25** | $30059 | $34727 |
| **02/25** | $29551 | $34274 |
| **03/25** | $27997 | $32343 |
| **04/25** | $27757 | $32124 |
| **05/25** | $29402 | $34146 |
| **06/25** | $30787 | $35882 |
| **07/25** | $31554 | $36687 |
| **08/25** | $32003 | $37431 |
| **09/25** | $32971 | $38797 |
| **10/25** | $33322 | $39706 |
| **11/25** | $33407 | $39803 |
| **12/25** | $33251 | $39827 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3<sup>Footnote Reference(a)</sup> | 13.26 | 13.18 | 12.77 |
| S&P 500<sup>®</sup> Index | 17.88 | 14.42 | 14.82 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2187411967 |
| **Total number of portfolio holdings** | 112 |
| **Management services fees (represents 0.69% of Fund average net assets)** | $15488664 |
| **Portfolio turnover for the reporting period** | 52% |

---

Variable Portfolio – Partners Core Equity Fund \| Class 3 **\|** ASR7053_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 34.1% |
| Financials | 14.5% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.1% |
| Health Care | 8.7% |
| Industrials | 8.6% |
| Consumer Staples | 3.6% |
| Energy | 2.9% |
| Utilities | 2.5% |
| Materials | 2.3% |
| Other | 1.1% |

---

### Top Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.6% |
| Microsoft Corp. | 7.9% |
| Apple, Inc. | 7.5% |
| Amazon.com, Inc. | 3.6% |
| Broadcom, Inc. | 3.5% |
| Alphabet, Inc., Class C | 3.0% |
| Meta Platforms, Inc., Class A | 2.5% |
| Alphabet, Inc., Class A | 2.5% |
| Lowe's Companies, Inc. | 1.9% |
| American Express Co. | 1.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Other | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners Core Equity Fund \| Class 3 **\|** ASR7053_03_12_D01_(02/26) \|

# Variable Portfolio – Partners International Core Equity Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners International Core Equity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $93 | 0.83% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the communication services, health care, and utilities sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| An underweight allocation to the materials sector, and no exposure to the real estate sector, buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Bankinter, a Spain-based bank; Taiwan Semiconductor Manufacturing Company, a manufacturer of integrated circuits and wafers; Erste Group Bank, an Austria-based bank; and Lloyds Banking Group, a United Kingdom-based bank, were among the top contributors to the Fund's relative performance. A relative underweight to Novo Nordisk, a multinational pharmaceutical company, also contributed to relative performance during the period.

### Top Performance Detractors
**Stock selection** \| Selection in the industrials, information technology and consumer staples sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the financials, communication services, and utilities sectors, an overweight to the health care sector and the Fund's cash position, detracted from relative performance during the period.

**Individual holdings** \| Fund positions in United Kingdom-based Bunzl, a distribution and outsourcing provider; Keyence, a Japan-based manufacturer of automation and inspection equipment; Recruit Holdings, a Japan-based provider of HR technology and business solutions; SAP, a Germany-based provider of enterprise application software; and RELX, a provider of information and analytics solutions based in the United Kingdom, were top detractors from the Fund's relative performance during the period.

Variable Portfolio – Partners International Core Equity Fund \| Class 1 **\|** ASR7054_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g80x85.jpg)

---

| | | |
|:---|:---|:---|
| | **Variable Portfolio – Partners International Core Equity Fund Class 1 ($18580)** | **MSCI EAFE Index (Net) ($21959)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9408 | $9277 |
| **02/16** | $9036 | $9107 |
| **03/16** | $9593 | $9699 |
| **04/16** | $9756 | $9980 |
| **05/16** | $9747 | $9890 |
| **06/16** | $9452 | $9558 |
| **07/16** | $9831 | $10042 |
| **08/16** | $9822 | $10049 |
| **09/16** | $9920 | $10173 |
| **10/16** | $9666 | $9965 |
| **11/16** | $9431 | $9766 |
| **12/16** | $9676 | $10100 |
| **01/17** | $9998 | $10393 |
| **02/17** | $10105 | $10542 |
| **03/17** | $10414 | $10832 |
| **04/17** | $10708 | $11107 |
| **05/17** | $11081 | $11515 |
| **06/17** | $11049 | $11495 |
| **07/17** | $11347 | $11826 |
| **08/17** | $11277 | $11822 |
| **09/17** | $11540 | $12116 |
| **10/17** | $11699 | $12300 |
| **11/17** | $11749 | $12429 |
| **12/17** | $11858 | $12628 |
| **01/18** | $12475 | $13262 |
| **02/18** | $11829 | $12663 |
| **03/18** | $11692 | $12435 |
| **04/18** | $11862 | $12719 |
| **05/18** | $11601 | $12433 |
| **06/18** | $11340 | $12281 |
| **07/18** | $11644 | $12584 |
| **08/18** | $11340 | $12341 |
| **09/18** | $11419 | $12448 |
| **10/18** | $10439 | $11457 |
| **11/18** | $10358 | $11442 |
| **12/18** | $9898 | $10887 |
| **01/19** | $10613 | $11602 |
| **02/19** | $10817 | $11898 |
| **03/19** | $10956 | $11973 |
| **04/19** | $11049 | $12310 |
| **05/19** | $10575 | $11719 |
| **06/19** | $11188 | $12414 |
| **07/19** | $10839 | $12256 |
| **08/19** | $10500 | $11939 |
| **09/19** | $10823 | $12281 |
| **10/19** | $11270 | $12722 |
| **11/19** | $11376 | $12866 |
| **12/19** | $11756 | $13284 |
| **01/20** | $11489 | $13006 |
| **02/20** | $10615 | $11831 |
| **03/20** | $8922 | $10252 |
| **04/20** | $9627 | $10914 |
| **05/20** | $10151 | $11389 |
| **06/20** | $10527 | $11777 |
| **07/20** | $10913 | $12051 |
| **08/20** | $11460 | $12671 |
| **09/20** | $11256 | $12342 |
| **10/20** | $10806 | $11849 |
| **11/20** | $12360 | $13686 |
| **12/20** | $13068 | $14322 |
| **01/21** | $13036 | $14169 |
| **02/21** | $13347 | $14487 |
| **03/21** | $13676 | $14820 |
| **04/21** | $13938 | $15266 |
| **05/21** | $14506 | $15764 |
| **06/21** | $14375 | $15587 |
| **07/21** | $14440 | $15704 |
| **08/21** | $14822 | $15981 |
| **09/21** | $14336 | $15517 |
| **10/21** | $14970 | $15899 |
| **11/21** | $14248 | $15159 |
| **12/21** | $14839 | $15935 |
| **01/22** | $14226 | $15165 |
| **02/22** | $13625 | $14897 |
| **03/22** | $13557 | $14993 |
| **04/22** | $12521 | $14023 |
| **05/22** | $12576 | $14128 |
| **06/22** | $11441 | $12817 |
| **07/22** | $12106 | $13456 |
| **08/22** | $11251 | $12817 |
| **09/22** | $10179 | $11618 |
| **10/22** | $10912 | $12242 |
| **11/22** | $12324 | $13621 |
| **12/22** | $11944 | $13632 |
| **01/23** | $13029 | $14736 |
| **02/23** | $12717 | $14429 |
| **03/23** | $13259 | $14786 |
| **04/23** | $13466 | $15204 |
| **05/23** | $13204 | $14560 |
| **06/23** | $13548 | $15223 |
| **07/23** | $13686 | $15715 |
| **08/23** | $13122 | $15113 |
| **09/23** | $12529 | $14597 |
| **10/23** | $12254 | $14005 |
| **11/23** | $13383 | $15305 |
| **12/23** | $14058 | $16118 |
| **01/24** | $14058 | $16211 |
| **02/24** | $14485 | $16508 |
| **03/24** | $14645 | $17051 |
| **04/24** | $14282 | $16614 |
| **05/24** | $14951 | $17258 |
| **06/24** | $14840 | $16979 |
| **07/24** | $15356 | $17477 |
| **08/24** | $15900 | $18046 |
| **09/24** | $15858 | $18212 |
| **10/24** | $15105 | $17222 |
| **11/24** | $15119 | $17124 |
| **12/24** | $14882 | $16735 |
| **01/25** | $15649 | $17614 |
| **02/25** | $16039 | $17956 |
| **03/25** | $16006 | $17883 |
| **04/25** | $16445 | $18702 |
| **05/25** | $17422 | $19558 |
| **06/25** | $17709 | $19989 |
| **07/25** | $17029 | $19708 |
| **08/25** | $17768 | $20549 |
| **09/25** | $18240 | $20942 |
| **10/25** | $18536 | $21188 |
| **11/25** | $18299 | $21320 |
| **12/25** | $18580 | $21959 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 24.85 | 7.29 | 6.39 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1882943038 |
| **Total number of portfolio holdings** | 50 |
| **Management services fees (represents 0.80% of Fund average net assets)** | $14815573 |
| **Portfolio turnover for the reporting period** | 35% |

---

Variable Portfolio – Partners International Core Equity Fund \| Class 1 **\|** ASR7054_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| United Kingdom | 23.9% |
| Japan | 19.6% |
| Switzerland | 11.4% |
| France | 8.5% |
| Germany | 7.7% |
| United States | 5.1% |
| Netherlands | 4.8% |
| China | 3.1% |
| Singapore | 3.0% |
| Taiwan | 2.1% |
| Other | 10.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 4.7% |
| Roche Holding AG, Genusschein Shares | 4.1% |
| SAP SE | 3.7% |
| AstraZeneca PLC | 3.6% |
| Cie Financiere Richemont SA, Class A, Registered Shares | 2.9% |
| Siemens AG, Registered Shares | 2.8% |
| Mitsubishi UFJ Financial Group, Inc. | 2.5% |
| ITOCHU Corp. | 2.5% |
| Reckitt Benckiser Group PLC | 2.5% |
| Schneider Electric SE | 2.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.4% |
| Industrials | 17.9% |
| Information Technology | 14.8% |
| Health Care | 13.8% |
| Consumer Discretionary | 13.1% |
| Consumer Staples | 10.7% |
| Communication Services | 5.8% |
| Energy | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners International Core Equity Fund \| Class 1 **\|** ASR7054_01_12_D01_(02/26) \|

# Variable Portfolio – Partners International Core Equity Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners International Core Equity Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $121 | 1.08% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the communication services, health care, and utilities sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| An underweight allocation to the materials sector, and no exposure to the real estate sector, buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Bankinter, a Spain-based bank; Taiwan Semiconductor Manufacturing Company, a manufacturer of integrated circuits and wafers; Erste Group Bank, an Austria-based bank; and Lloyds Banking Group, a United Kingdom-based bank, were among the top contributors to the Fund's relative performance. A relative underweight to Novo Nordisk, a multinational pharmaceutical company, also contributed to relative performance during the period.

### Top Performance Detractors
**Stock selection** \| Selection in the industrials, information technology and consumer staples sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the financials, communication services, and utilities sectors, an overweight to the health care sector and the Fund's cash position, detracted from relative performance during the period.

**Individual holdings** \| Fund positions in United Kingdom-based Bunzl, a distribution and outsourcing provider; Keyence, a Japan-based manufacturer of automation and inspection equipment; Recruit Holdings, a Japan-based provider of HR technology and business solutions; SAP, a Germany-based provider of enterprise application software; and RELX, a provider of information and analytics solutions based in the United Kingdom, were top detractors from the Fund's relative performance during the period.

Variable Portfolio – Partners International Core Equity Fund \| Class 2 **\|** ASR7054_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g30x18.jpg)

---

| | | |
|:---|:---|:---|
| | **Variable Portfolio – Partners International Core Equity Fund Class 2 ($18120)** | **MSCI EAFE Index (Net) ($21959)** |
| **12/15** | $10000 | $10000 |
| **01/16** | $9406 | $9277 |
| **02/16** | $9032 | $9107 |
| **03/16** | $9585 | $9699 |
| **04/16** | $9749 | $9980 |
| **05/16** | $9740 | $9890 |
| **06/16** | $9447 | $9558 |
| **07/16** | $9818 | $10042 |
| **08/16** | $9808 | $10049 |
| **09/16** | $9901 | $10173 |
| **10/16** | $9646 | $9965 |
| **11/16** | $9411 | $9766 |
| **12/16** | $9656 | $10100 |
| **01/17** | $9969 | $10393 |
| **02/17** | $10077 | $10542 |
| **03/17** | $10380 | $10832 |
| **04/17** | $10675 | $11107 |
| **05/17** | $11039 | $11515 |
| **06/17** | $11011 | $11495 |
| **07/17** | $11299 | $11826 |
| **08/17** | $11229 | $11822 |
| **09/17** | $11495 | $12116 |
| **10/17** | $11645 | $12300 |
| **11/17** | $11694 | $12429 |
| **12/17** | $11794 | $12628 |
| **01/18** | $12412 | $13262 |
| **02/18** | $11764 | $12663 |
| **03/18** | $11622 | $12435 |
| **04/18** | $11792 | $12719 |
| **05/18** | $11532 | $12433 |
| **06/18** | $11273 | $12281 |
| **07/18** | $11567 | $12584 |
| **08/18** | $11263 | $12341 |
| **09/18** | $11345 | $12448 |
| **10/18** | $10366 | $11457 |
| **11/18** | $10285 | $11442 |
| **12/18** | $9826 | $10887 |
| **01/19** | $10529 | $11602 |
| **02/19** | $10733 | $11898 |
| **03/19** | $10859 | $11973 |
| **04/19** | $10952 | $12310 |
| **05/19** | $10489 | $11719 |
| **06/19** | $11094 | $12414 |
| **07/19** | $10735 | $12256 |
| **08/19** | $10397 | $11939 |
| **09/19** | $10723 | $12281 |
| **10/19** | $11158 | $12722 |
| **11/19** | $11264 | $12866 |
| **12/19** | $11635 | $13284 |
| **01/20** | $11370 | $13006 |
| **02/20** | $10499 | $11831 |
| **03/20** | $8834 | $10252 |
| **04/20** | $9525 | $10914 |
| **05/20** | $10036 | $11389 |
| **06/20** | $10411 | $11777 |
| **07/20** | $10785 | $12051 |
| **08/20** | $11330 | $12671 |
| **09/20** | $11127 | $12342 |
| **10/20** | $10678 | $11849 |
| **11/20** | $12205 | $13686 |
| **12/20** | $12910 | $14322 |
| **01/21** | $12867 | $14169 |
| **02/21** | $13177 | $14487 |
| **03/21** | $13499 | $14820 |
| **04/21** | $13749 | $15266 |
| **05/21** | $14313 | $15764 |
| **06/21** | $14172 | $15587 |
| **07/21** | $14237 | $15704 |
| **08/21** | $14606 | $15981 |
| **09/21** | $14122 | $15517 |
| **10/21** | $14753 | $15899 |
| **11/21** | $14046 | $15159 |
| **12/21** | $14612 | $15935 |
| **01/22** | $14014 | $15165 |
| **02/22** | $13416 | $14897 |
| **03/22** | $13344 | $14993 |
| **04/22** | $12328 | $14023 |
| **05/22** | $12372 | $14128 |
| **06/22** | $11257 | $12817 |
| **07/22** | $11904 | $13456 |
| **08/22** | $11068 | $12817 |
| **09/22** | $10003 | $11618 |
| **10/22** | $10731 | $12242 |
| **11/22** | $12107 | $13621 |
| **12/22** | $11743 | $13632 |
| **01/23** | $12794 | $14736 |
| **02/23** | $12498 | $14429 |
| **03/23** | $13029 | $14786 |
| **04/23** | $13220 | $15204 |
| **05/23** | $12961 | $14560 |
| **06/23** | $13288 | $15223 |
| **07/23** | $13438 | $15715 |
| **08/23** | $12865 | $15113 |
| **09/23** | $12292 | $14597 |
| **10/23** | $12019 | $14005 |
| **11/23** | $13124 | $15305 |
| **12/23** | $13779 | $16118 |
| **01/24** | $13779 | $16211 |
| **02/24** | $14188 | $16508 |
| **03/24** | $14355 | $17051 |
| **04/24** | $13997 | $16614 |
| **05/24** | $14631 | $17258 |
| **06/24** | $14521 | $16979 |
| **07/24** | $15031 | $17477 |
| **08/24** | $15555 | $18046 |
| **09/24** | $15514 | $18212 |
| **10/24** | $14769 | $17222 |
| **11/24** | $14783 | $17124 |
| **12/24** | $14549 | $16735 |
| **01/25** | $15307 | $17614 |
| **02/25** | $15679 | $17956 |
| **03/25** | $15637 | $17883 |
| **04/25** | $16070 | $18702 |
| **05/25** | $17021 | $19558 |
| **06/25** | $17289 | $19989 |
| **07/25** | $16633 | $19708 |
| **08/25** | $17347 | $20549 |
| **09/25** | $17799 | $20942 |
| **10/25** | $18091 | $21188 |
| **11/25** | $17858 | $21320 |
| **12/25** | $18120 | $21959 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 24.55 | 7.02 | 6.12 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadviser and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1882943038 |
| **Total number of portfolio holdings** | 50 |
| **Management services fees (represents 0.80% of Fund average net assets)** | $14815573 |
| **Portfolio turnover for the reporting period** | 35% |

---

Variable Portfolio – Partners International Core Equity Fund \| Class 2 **\|** ASR7054_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| United Kingdom | 23.9% |
| Japan | 19.6% |
| Switzerland | 11.4% |
| France | 8.5% |
| Germany | 7.7% |
| United States | 5.1% |
| Netherlands | 4.8% |
| China | 3.1% |
| Singapore | 3.0% |
| Taiwan | 2.1% |
| Other | 10.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 4.7% |
| Roche Holding AG, Genusschein Shares | 4.1% |
| SAP SE | 3.7% |
| AstraZeneca PLC | 3.6% |
| Cie Financiere Richemont SA, Class A, Registered Shares | 2.9% |
| Siemens AG, Registered Shares | 2.8% |
| Mitsubishi UFJ Financial Group, Inc. | 2.5% |
| ITOCHU Corp. | 2.5% |
| Reckitt Benckiser Group PLC | 2.5% |
| Schneider Electric SE | 2.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.4% |
| Industrials | 17.9% |
| Information Technology | 14.8% |
| Health Care | 13.8% |
| Consumer Discretionary | 13.1% |
| Consumer Staples | 10.7% |
| Communication Services | 5.8% |
| Energy | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners International Core Equity Fund \| Class 2 **\|** ASR7054_02_12_D01_(02/26) \|

# Variable Portfolio – Partners International Growth Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners International Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $89 | 0.82% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the information technology, communication services, and utilities sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| An underweight to the health care sector, and overweights to the financials and utilities sectors, buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in SK Hynix, a South Korea-based manufacturer of semiconductor products; Banco Bilbao Vizcaya Argentaria, a Spain-based bank; UniCredit, an Italy-based bank; and Sandoz, a Swiss-based pharmaceutical company, were among the top contributors to the Fund's relative performance. A relative underweight to Novo Nordisk, a multinational pharmaceutical company, also contributed to relative performance during the period.

### Top Performance Detractors
**Stock selection** \| Selection in the industrials and consumer discretionary sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the industrials and materials sectors, and the Fund's cash position, detracted from relative performance during the period.

**Individual holdings** \| Fund position, BYD, a China-based electric vehicle manufacturer, was a top detractor from the Fund's relative performance during the period. Relative underweights to Advantest, a Japan-based manufacturer of semiconductor test systems; Netherlands-based ASML, a manufacturer of semiconductor equipment; Siemens Energy, a Germany-based provider of energy technology; and no exposure to Rolls-Royce, a United Kingdom-based manufacturer of aero engines and aftermarket services, also detracted from relative performance during the period.

Variable Portfolio – Partners International Growth Fund \| Class 1 **\|** ASR7055_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g98m19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Partners International Growth Fund Class 1 ($16705)** | **MSCI EAFE Index (Net) ($21959)** | **MSCI EAFE Growth Index (Net) ($20466)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9516 | $9277 | $9364 |
| **02/16** | $9454 | $9107 | $9201 |
| **03/16** | $10157 | $9699 | $9793 |
| **04/16** | $10183 | $9980 | $9979 |
| **05/16** | $9945 | $9890 | $9954 |
| **06/16** | $9596 | $9558 | $9778 |
| **07/16** | $10126 | $10042 | $10256 |
| **08/16** | $10090 | $10049 | $10112 |
| **09/16** | $10186 | $10173 | $10263 |
| **10/16** | $9734 | $9965 | $9821 |
| **11/16** | $9410 | $9766 | $9486 |
| **12/16** | $9653 | $10100 | $9696 |
| **01/17** | $9879 | $10393 | $10022 |
| **02/17** | $9996 | $10542 | $10244 |
| **03/17** | $10374 | $10832 | $10522 |
| **04/17** | $10844 | $11107 | $10838 |
| **05/17** | $11296 | $11515 | $11387 |
| **06/17** | $11146 | $11495 | $11313 |
| **07/17** | $11444 | $11826 | $11587 |
| **08/17** | $11524 | $11822 | $11652 |
| **09/17** | $11799 | $12116 | $11872 |
| **10/17** | $12058 | $12300 | $12142 |
| **11/17** | $12107 | $12429 | $12288 |
| **12/17** | $12247 | $12628 | $12494 |
| **01/18** | $12885 | $13262 | $13073 |
| **02/18** | $12327 | $12663 | $12514 |
| **03/18** | $12249 | $12435 | $12364 |
| **04/18** | $12249 | $12719 | $12550 |
| **05/18** | $12249 | $12433 | $12525 |
| **06/18** | $11868 | $12281 | $12377 |
| **07/18** | $12077 | $12584 | $12633 |
| **08/18** | $11878 | $12341 | $12598 |
| **09/18** | $11573 | $12448 | $12566 |
| **10/18** | $10430 | $11457 | $11409 |
| **11/18** | $10356 | $11442 | $11443 |
| **12/18** | $9926 | $10887 | $10891 |
| **01/19** | $10587 | $11602 | $11593 |
| **02/19** | $10912 | $11898 | $11992 |
| **03/19** | $11015 | $11973 | $12203 |
| **04/19** | $11585 | $12310 | $12602 |
| **05/19** | $10731 | $11719 | $12115 |
| **06/19** | $11533 | $12414 | $12902 |
| **07/19** | $11423 | $12256 | $12855 |
| **08/19** | $11281 | $11939 | $12699 |
| **09/19** | $11380 | $12281 | $12844 |
| **10/19** | $11764 | $12722 | $13304 |
| **11/19** | $12126 | $12866 | $13543 |
| **12/19** | $12576 | $13284 | $13930 |
| **01/20** | $12433 | $13006 | $13850 |
| **02/20** | $11829 | $11831 | $12654 |
| **03/20** | $10220 | $10252 | $11490 |
| **04/20** | $11001 | $10914 | $12342 |
| **05/20** | $11716 | $11389 | $13016 |
| **06/20** | $12283 | $11777 | $13438 |
| **07/20** | $13062 | $12051 | $14041 |
| **08/20** | $13718 | $12671 | $14666 |
| **09/20** | $13685 | $12342 | $14570 |
| **10/20** | $13284 | $11849 | $13993 |
| **11/20** | $14742 | $13686 | $15712 |
| **12/20** | $15420 | $14322 | $16478 |
| **01/21** | $15254 | $14169 | $16254 |
| **02/21** | $15343 | $14487 | $16198 |
| **03/21** | $15275 | $14820 | $16385 |
| **04/21** | $15976 | $15266 | $17075 |
| **05/21** | $16477 | $15764 | $17592 |
| **06/21** | $16443 | $15587 | $17600 |
| **07/21** | $16909 | $15704 | $17903 |
| **08/21** | $17515 | $15981 | $18325 |
| **09/21** | $16501 | $15517 | $17612 |
| **10/21** | $17258 | $15899 | $18189 |
| **11/21** | $16547 | $15159 | $17572 |
| **12/21** | $17060 | $15935 | $18332 |
| **01/22** | $15324 | $15165 | $16408 |
| **02/22** | $14625 | $14897 | $16044 |
| **03/22** | $14671 | $14993 | $16143 |
| **04/22** | $13389 | $14023 | $14851 |
| **05/22** | $13238 | $14128 | $14678 |
| **06/22** | $12108 | $12817 | $13418 |
| **07/22** | $13190 | $13456 | $14481 |
| **08/22** | $12208 | $12817 | $13603 |
| **09/22** | $10977 | $11618 | $12278 |
| **10/22** | $11686 | $12242 | $12809 |
| **11/22** | $13053 | $13621 | $14287 |
| **12/22** | $12506 | $13632 | $14126 |
| **01/23** | $13550 | $14736 | $15325 |
| **02/23** | $13078 | $14429 | $14897 |
| **03/23** | $13716 | $14786 | $15693 |
| **04/23** | $13841 | $15204 | $16074 |
| **05/23** | $13666 | $14560 | $15578 |
| **06/23** | $14140 | $15223 | $16128 |
| **07/23** | $14190 | $15715 | $16445 |
| **08/23** | $13453 | $15113 | $15673 |
| **09/23** | $12654 | $14597 | $14734 |
| **10/23** | $12304 | $14005 | $14190 |
| **11/23** | $13553 | $15305 | $15710 |
| **12/23** | $14353 | $16118 | $16609 |
| **01/24** | $14340 | $16211 | $16806 |
| **02/24** | $15027 | $16508 | $17373 |
| **03/24** | $15228 | $17051 | $17777 |
| **04/24** | $14461 | $16614 | $17071 |
| **05/24** | $15115 | $17258 | $17722 |
| **06/24** | $15077 | $16979 | $17643 |
| **07/24** | $15266 | $17477 | $17860 |
| **08/24** | $15744 | $18046 | $18564 |
| **09/24** | $15630 | $18212 | $18645 |
| **10/24** | $14838 | $17222 | $17494 |
| **11/24** | $14750 | $17124 | $17430 |
| **12/24** | $14184 | $16735 | $16948 |
| **01/25** | $14813 | $17614 | $17865 |
| **02/25** | $14813 | $17956 | $17888 |
| **03/25** | $14345 | $17883 | $17310 |
| **04/25** | $14979 | $18702 | $18202 |
| **05/25** | $15676 | $19558 | $19144 |
| **06/25** | $16194 | $19989 | $19653 |
| **07/25** | $15708 | $19708 | $19062 |
| **08/25** | $16028 | $20549 | $19597 |
| **09/25** | $16398 | $20942 | $20092 |
| **10/25** | $16679 | $21188 | $20413 |
| **11/25** | $16436 | $21320 | $20112 |
| **12/25** | $16705 | $21959 | $20466 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 17.77 | 1.61 | 5.26 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| MSCI EAFE Growth Index (Net) | 20.76 | 4.43 | 7.42 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2020 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1363360316 |
| **Total number of portfolio holdings** | 103 |
| **Management services fees (represents 0.88% of Fund average net assets)** | $11700325 |
| **Portfolio turnover for the reporting period** | 69% |

---

Variable Portfolio – Partners International Growth Fund \| Class 1 **\|** ASR7055_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 16.6% |
| United Kingdom | 12.1% |
| Switzerland | 8.5% |
| France | 6.6% |
| Netherlands | 6.2% |
| Germany | 5.9% |
| Italy | 5.8% |
| Canada | 5.4% |
| Taiwan | 5.3% |
| Spain | 4.8% |
| Other | 22.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 3.2% |
| SK Hynix, Inc. | 2.9% |
| ASML Holding NV | 2.7% |
| AIA Group Ltd. | 2.3% |
| Murata Manufacturing Co., Ltd. | 2.2% |
| Sandoz Group AG, ADR | 2.0% |
| Banco Bilbao Vizcaya Argentaria SA | 1.9% |
| Heidelberg Materials AG | 1.9% |
| Diploma PLC | 1.8% |
| Barclays Bank PLC | 1.8% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 22.4% |
| Industrials | 19.7% |
| Financials | 17.5% |
| Health Care | 13.5% |
| Consumer Discretionary | 12.5% |
| Materials | 4.2% |
| Communication Services | 4.1% |
| Utilities | 3.7% |
| Consumer Staples | 1.2% |
| Energy | 0.5% |
| Other | 0.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners International Growth Fund \| Class 1 **\|** ASR7055_01_12_D01_(02/26) \|

# Variable Portfolio – Partners International Growth Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners International Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $116 | 1.07% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the information technology, communication services, and utilities sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| An underweight to the health care sector, and overweights to the financials and utilities sectors, buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in SK Hynix, a South Korea-based manufacturer of semiconductor products; Banco Bilbao Vizcaya Argentaria, a Spain-based bank; UniCredit, an Italy-based bank; and Sandoz, a Swiss-based pharmaceutical company, were among the top contributors to the Fund's relative performance. A relative underweight to Novo Nordisk, a multinational pharmaceutical company, also contributed to relative performance during the period.

### Top Performance Detractors
**Stock selection** \| Selection in the industrials and consumer discretionary sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| Underweights to the industrials and materials sectors, and the Fund's cash position, detracted from relative performance during the period.

**Individual holdings** \| Fund position, BYD, a China-based electric vehicle manufacturer, was a top detractor from the Fund's relative performance during the period. Relative underweights to Advantest, a Japan-based manufacturer of semiconductor test systems; Netherlands-based ASML, a manufacturer of semiconductor equipment; Siemens Energy, a Germany-based provider of energy technology; and no exposure to Rolls-Royce, a United Kingdom-based manufacturer of aero engines and aftermarket services, also detracted from relative performance during the period.

Variable Portfolio – Partners International Growth Fund \| Class 2 **\|** ASR7055_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g93t92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Partners International Growth Fund Class 2 ($16306)** | **MSCI EAFE Index (Net) ($21959)** | **MSCI EAFE Growth Index (Net) ($20466)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9523 | $9277 | $9364 |
| **02/16** | $9452 | $9107 | $9201 |
| **03/16** | $10151 | $9699 | $9793 |
| **04/16** | $10178 | $9980 | $9979 |
| **05/16** | $9939 | $9890 | $9954 |
| **06/16** | $9582 | $9558 | $9778 |
| **07/16** | $10113 | $10042 | $10256 |
| **08/16** | $10068 | $10049 | $10112 |
| **09/16** | $10167 | $10173 | $10263 |
| **10/16** | $9715 | $9965 | $9821 |
| **11/16** | $9390 | $9766 | $9486 |
| **12/16** | $9634 | $10100 | $9696 |
| **01/17** | $9860 | $10393 | $10022 |
| **02/17** | $9968 | $10542 | $10244 |
| **03/17** | $10350 | $10832 | $10522 |
| **04/17** | $10811 | $11107 | $10838 |
| **05/17** | $11264 | $11515 | $11387 |
| **06/17** | $11109 | $11495 | $11313 |
| **07/17** | $11407 | $11826 | $11587 |
| **08/17** | $11477 | $11822 | $11652 |
| **09/17** | $11755 | $12116 | $11872 |
| **10/17** | $12014 | $12300 | $12142 |
| **11/17** | $12053 | $12429 | $12288 |
| **12/17** | $12193 | $12628 | $12494 |
| **01/18** | $12820 | $13262 | $13073 |
| **02/18** | $12263 | $12663 | $12514 |
| **03/18** | $12187 | $12435 | $12364 |
| **04/18** | $12187 | $12719 | $12550 |
| **05/18** | $12187 | $12433 | $12525 |
| **06/18** | $11799 | $12281 | $12377 |
| **07/18** | $12008 | $12584 | $12633 |
| **08/18** | $11799 | $12341 | $12598 |
| **09/18** | $11497 | $12448 | $12566 |
| **10/18** | $10366 | $11457 | $11409 |
| **11/18** | $10283 | $11442 | $11443 |
| **12/18** | $9864 | $10887 | $10891 |
| **01/19** | $10513 | $11602 | $11593 |
| **02/19** | $10838 | $11898 | $11992 |
| **03/19** | $10934 | $11973 | $12203 |
| **04/19** | $11502 | $12310 | $12602 |
| **05/19** | $10650 | $11719 | $12115 |
| **06/19** | $11436 | $12414 | $12902 |
| **07/19** | $11327 | $12256 | $12855 |
| **08/19** | $11185 | $11939 | $12699 |
| **09/19** | $11283 | $12281 | $12844 |
| **10/19** | $11655 | $12722 | $13304 |
| **11/19** | $12016 | $12866 | $13543 |
| **12/19** | $12464 | $13284 | $13930 |
| **01/20** | $12311 | $13006 | $13850 |
| **02/20** | $11709 | $11831 | $12654 |
| **03/20** | $10124 | $10252 | $11490 |
| **04/20** | $10891 | $10914 | $12342 |
| **05/20** | $11591 | $11389 | $13016 |
| **06/20** | $12155 | $11777 | $13438 |
| **07/20** | $12919 | $12051 | $14041 |
| **08/20** | $13572 | $12671 | $14666 |
| **09/20** | $13539 | $12342 | $14570 |
| **10/20** | $13140 | $11849 | $13993 |
| **11/20** | $14568 | $13686 | $15712 |
| **12/20** | $15243 | $14322 | $16478 |
| **01/21** | $15066 | $14169 | $16254 |
| **02/21** | $15155 | $14487 | $16198 |
| **03/21** | $15088 | $14820 | $16385 |
| **04/21** | $15775 | $15266 | $17075 |
| **05/21** | $16273 | $15764 | $17592 |
| **06/21** | $16227 | $15587 | $17600 |
| **07/21** | $16679 | $15704 | $17903 |
| **08/21** | $17282 | $15981 | $18325 |
| **09/21** | $16273 | $15517 | $17612 |
| **10/21** | $17027 | $15899 | $18189 |
| **11/21** | $16308 | $15159 | $17572 |
| **12/21** | $16818 | $15935 | $18332 |
| **01/22** | $15103 | $15165 | $16408 |
| **02/22** | $14419 | $14897 | $16044 |
| **03/22** | $14454 | $14993 | $16143 |
| **04/22** | $13190 | $14023 | $14851 |
| **05/22** | $13028 | $14128 | $14678 |
| **06/22** | $11915 | $12817 | $13418 |
| **07/22** | $12992 | $13456 | $14481 |
| **08/22** | $12014 | $12817 | $13603 |
| **09/22** | $10802 | $11618 | $12278 |
| **10/22** | $11494 | $12242 | $12809 |
| **11/22** | $12831 | $13621 | $14287 |
| **12/22** | $12299 | $13632 | $14126 |
| **01/23** | $13313 | $14736 | $15325 |
| **02/23** | $12855 | $14429 | $14897 |
| **03/23** | $13481 | $14786 | $15693 |
| **04/23** | $13592 | $15204 | $16074 |
| **05/23** | $13419 | $14560 | $15578 |
| **06/23** | $13878 | $15223 | $16128 |
| **07/23** | $13927 | $15715 | $16445 |
| **08/23** | $13208 | $15113 | $15673 |
| **09/23** | $12414 | $14597 | $14734 |
| **10/23** | $12067 | $14005 | $14190 |
| **11/23** | $13295 | $15305 | $15710 |
| **12/23** | $14076 | $16118 | $16609 |
| **01/24** | $14064 | $16211 | $16806 |
| **02/24** | $14733 | $16508 | $17373 |
| **03/24** | $14924 | $17051 | $17777 |
| **04/24** | $14177 | $16614 | $17071 |
| **05/24** | $14812 | $17258 | $17722 |
| **06/24** | $14775 | $16979 | $17643 |
| **07/24** | $14961 | $17477 | $17860 |
| **08/24** | $15422 | $18046 | $18564 |
| **09/24** | $15298 | $18212 | $18645 |
| **10/24** | $14525 | $17222 | $17494 |
| **11/24** | $14438 | $17124 | $17430 |
| **12/24** | $13878 | $16735 | $16948 |
| **01/25** | $14488 | $17614 | $17865 |
| **02/25** | $14488 | $17956 | $17888 |
| **03/25** | $14025 | $17883 | $17310 |
| **04/25** | $14639 | $18702 | $18202 |
| **05/25** | $15315 | $19558 | $19144 |
| **06/25** | $15814 | $19989 | $19653 |
| **07/25** | $15347 | $19708 | $19062 |
| **08/25** | $15650 | $20549 | $19597 |
| **09/25** | $16016 | $20942 | $20092 |
| **10/25** | $16281 | $21188 | $20413 |
| **11/25** | $16054 | $21320 | $20112 |
| **12/25** | $16306 | $21959 | $20466 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 17.50 | 1.36 | 5.01 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| MSCI EAFE Growth Index (Net) | 20.76 | 4.43 | 7.42 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2020 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1363360316 |
| **Total number of portfolio holdings** | 103 |
| **Management services fees (represents 0.88% of Fund average net assets)** | $11700325 |
| **Portfolio turnover for the reporting period** | 69% |

---

Variable Portfolio – Partners International Growth Fund \| Class 2 **\|** ASR7055_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 16.6% |
| United Kingdom | 12.1% |
| Switzerland | 8.5% |
| France | 6.6% |
| Netherlands | 6.2% |
| Germany | 5.9% |
| Italy | 5.8% |
| Canada | 5.4% |
| Taiwan | 5.3% |
| Spain | 4.8% |
| Other | 22.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 3.2% |
| SK Hynix, Inc. | 2.9% |
| ASML Holding NV | 2.7% |
| AIA Group Ltd. | 2.3% |
| Murata Manufacturing Co., Ltd. | 2.2% |
| Sandoz Group AG, ADR | 2.0% |
| Banco Bilbao Vizcaya Argentaria SA | 1.9% |
| Heidelberg Materials AG | 1.9% |
| Diploma PLC | 1.8% |
| Barclays Bank PLC | 1.8% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 22.4% |
| Industrials | 19.7% |
| Financials | 17.5% |
| Health Care | 13.5% |
| Consumer Discretionary | 12.5% |
| Materials | 4.2% |
| Communication Services | 4.1% |
| Utilities | 3.7% |
| Consumer Staples | 1.2% |
| Energy | 0.5% |
| Other | 0.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners International Growth Fund \| Class 2 **\|** ASR7055_02_12_D01_(02/26) \|

# Variable Portfolio – Partners International Value Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners International Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $95 | 0.81% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the consumer discretionary and information technology sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweights to the communication services, real estate and energy sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Samsung Electronics, a South Korea-based manufacturer of electronics and semiconductor components; China-based eCommerce platform, Alibaba; metals and mining firm, ArcelorMittal; and Bank of Ireland, were among the top contributors to the Fund's relative performance. No exposure to Toyota Motor also contributed to relative performance during the period.

### Top Performance Detractors
**Stock selection** \| Selection in the industrials, health care, financials and energy sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| An underweight to the financials sector, overweights to the information technology and consumer discretionary sectors, and the Fund's cash position detracted from relative performance during the period.

**Individual holdings** \| Fund positions in Teleperformance, a France-based business process outsourcing provider; Olympus, a Japan-based manufacturer of precision instruments; and Arkema, a France-based chemicals company, were top detractors from the Fund's relative performance during the period. No exposure to Banco Santander and Banco Bilbao Vizcaya Argentaria, both Spain-based banks, also detracted from relative performance during the period.

Variable Portfolio – Partners International Value Fund \| Class 1 **\|** ASR7056_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g91z23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Partners International Value Fund Class 1 ($20119)** | **MSCI EAFE Index (Net) ($21959)** | **MSCI EAFE Value Index (Net) ($23004)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9226 | $9277 | $9187 |
| **02/16** | $8945 | $9107 | $9009 |
| **03/16** | $9619 | $9699 | $9603 |
| **04/16** | $10070 | $9980 | $9982 |
| **05/16** | $9890 | $9890 | $9823 |
| **06/16** | $9520 | $9558 | $9335 |
| **07/16** | $9933 | $10042 | $9826 |
| **08/16** | $10196 | $10049 | $9985 |
| **09/16** | $10306 | $10173 | $10082 |
| **10/16** | $10433 | $9965 | $10105 |
| **11/16** | $10491 | $9766 | $10043 |
| **12/16** | $10833 | $10100 | $10502 |
| **01/17** | $11285 | $10393 | $10761 |
| **02/17** | $11204 | $10542 | $10835 |
| **03/17** | $11457 | $10832 | $11138 |
| **04/17** | $11655 | $11107 | $11371 |
| **05/17** | $11877 | $11515 | $11635 |
| **06/17** | $11979 | $11495 | $11670 |
| **07/17** | $12509 | $11826 | $12060 |
| **08/17** | $12462 | $11822 | $11985 |
| **09/17** | $12890 | $12116 | $12355 |
| **10/17** | $13163 | $12300 | $12450 |
| **11/17** | $13281 | $12429 | $12562 |
| **12/17** | $13589 | $12628 | $12754 |
| **01/18** | $14383 | $13262 | $13443 |
| **02/18** | $13613 | $12663 | $12804 |
| **03/18** | $13406 | $12435 | $12496 |
| **04/18** | $13729 | $12719 | $12881 |
| **05/18** | $13155 | $12433 | $12322 |
| **06/18** | $12807 | $12281 | $12166 |
| **07/18** | $13236 | $12584 | $12515 |
| **08/18** | $12759 | $12341 | $12060 |
| **09/18** | $13015 | $12448 | $12310 |
| **10/18** | $11949 | $11457 | $11492 |
| **11/18** | $11863 | $11442 | $11428 |
| **12/18** | $11238 | $10887 | $10870 |
| **01/19** | $12035 | $11602 | $11597 |
| **02/19** | $12219 | $11898 | $11790 |
| **03/19** | $12102 | $11973 | $11730 |
| **04/19** | $12475 | $12310 | $12003 |
| **05/19** | $11544 | $11719 | $11308 |
| **06/19** | $12238 | $12414 | $11911 |
| **07/19** | $11834 | $12256 | $11643 |
| **08/19** | $11325 | $11939 | $11165 |
| **09/19** | $11897 | $12281 | $11704 |
| **10/19** | $12342 | $12722 | $12126 |
| **11/19** | $12460 | $12866 | $12174 |
| **12/19** | $12758 | $13284 | $12618 |
| **01/20** | $12049 | $13006 | $12162 |
| **02/20** | $11050 | $11831 | $11011 |
| **03/20** | $8720 | $10252 | $9060 |
| **04/20** | $9223 | $10914 | $9545 |
| **05/20** | $9647 | $11389 | $9835 |
| **06/20** | $9965 | $11777 | $10186 |
| **07/20** | $10032 | $12051 | $10206 |
| **08/20** | $10628 | $12671 | $10803 |
| **09/20** | $10310 | $12342 | $10307 |
| **10/20** | $9899 | $11849 | $9892 |
| **11/20** | $11635 | $13686 | $11766 |
| **12/20** | $12271 | $14322 | $12287 |
| **01/21** | $12245 | $14169 | $12191 |
| **02/21** | $12775 | $14487 | $12772 |
| **03/21** | $13273 | $14820 | $13202 |
| **04/21** | $13598 | $15266 | $13454 |
| **05/21** | $14099 | $15764 | $13919 |
| **06/21** | $13787 | $15587 | $13599 |
| **07/21** | $13787 | $15704 | $13566 |
| **08/21** | $13923 | $15981 | $13719 |
| **09/21** | $13448 | $15517 | $13467 |
| **10/21** | $13814 | $15899 | $13682 |
| **11/21** | $13001 | $15159 | $12859 |
| **12/21** | $13719 | $15935 | $13625 |
| **01/22** | $13814 | $15165 | $13767 |
| **02/22** | $13286 | $14897 | $13580 |
| **03/22** | $13034 | $14993 | $13670 |
| **04/22** | $12313 | $14023 | $12979 |
| **05/22** | $12701 | $14128 | $13298 |
| **06/22** | $11426 | $12817 | $11974 |
| **07/22** | $11772 | $13456 | $12224 |
| **08/22** | $11107 | $12817 | $11811 |
| **09/22** | $10081 | $11618 | $10752 |
| **10/22** | $10802 | $12242 | $11446 |
| **11/22** | $12271 | $13621 | $12704 |
| **12/22** | $12147 | $13632 | $12864 |
| **01/23** | $13325 | $14736 | $13857 |
| **02/23** | $13020 | $14429 | $13663 |
| **03/23** | $13180 | $14786 | $13628 |
| **04/23** | $13506 | $15204 | $14067 |
| **05/23** | $12896 | $14560 | $13309 |
| **06/23** | $13619 | $15223 | $14058 |
| **07/23** | $14115 | $15715 | $14697 |
| **08/23** | $13633 | $15113 | $14261 |
| **09/23** | $13137 | $14597 | $14140 |
| **10/23** | $12528 | $14005 | $13518 |
| **11/23** | $13463 | $15305 | $14589 |
| **12/23** | $14229 | $16118 | $15302 |
| **01/24** | $13973 | $16211 | $15292 |
| **02/24** | $14101 | $16508 | $15320 |
| **03/24** | $14668 | $17051 | $15988 |
| **04/24** | $14435 | $16614 | $15824 |
| **05/24** | $15324 | $17258 | $16448 |
| **06/24** | $14828 | $16979 | $15990 |
| **07/24** | $15455 | $17477 | $16739 |
| **08/24** | $15863 | $18046 | $17168 |
| **09/24** | $16242 | $18212 | $17412 |
| **10/24** | $15368 | $17222 | $16594 |
| **11/24** | $15236 | $17124 | $16466 |
| **12/24** | $14886 | $16735 | $16172 |
| **01/25** | $15718 | $17614 | $16997 |
| **02/25** | $16345 | $17956 | $17631 |
| **03/25** | $16495 | $17883 | $18042 |
| **04/25** | $16765 | $18702 | $18773 |
| **05/25** | $17486 | $19558 | $19527 |
| **06/25** | $17995 | $19989 | $19866 |
| **07/25** | $17754 | $19708 | $19917 |
| **08/25** | $18447 | $20549 | $21057 |
| **09/25** | $18929 | $20942 | $21334 |
| **10/25** | $19125 | $21188 | $21496 |
| **11/25** | $19592 | $21320 | $22081 |
| **12/25** | $20119 | $21959 | $23004 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 35.15 | 10.39 | 7.24 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| MSCI EAFE Value Index (Net) | 42.25 | 13.36 | 8.69 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1469671441 |
| **Total number of portfolio holdings** | 158 |
| **Management services fees (represents 0.82% of Fund average net assets)** | $11450900 |
| **Portfolio turnover for the reporting period** | 18% |

---

Variable Portfolio – Partners International Value Fund \| Class 1 **\|** ASR7056_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 18.8% |
| France | 12.9% |
| Germany | 12.0% |
| United Kingdom | 11.5% |
| Switzerland | 6.5% |
| Netherlands | 6.0% |
| United States | 5.4% |
| China | 4.1% |
| Ireland | 3.3% |
| South Korea | 3.0% |
| Other | 16.1% |

---

### Top Holdings

---

| | |
|:---|:---|
| Samsung Electronics Co., Ltd. | 2.2% |
| Roche Holding AG, Genusschein Shares | 1.9% |
| Reckitt Benckiser Group PLC | 1.9% |
| Sanofi SA | 1.7% |
| GSK PLC | 1.7% |
| ING Groep NV | 1.7% |
| Daikin Industries Ltd. | 1.5% |
| BASF SE | 1.5% |
| Julius Baer Group Ltd. | 1.4% |
| Cie Generale des Etablissements Michelin SCA | 1.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 14.5% |
| Consumer Discretionary | 12.8% |
| Health Care | 12.5% |
| Information Technology | 10.2% |
| Consumer Staples | 8.4% |
| Materials | 6.5% |
| Energy | 4.8% |
| Utilities | 1.9% |
| Communication Services | 1.3% |
| Other | 1.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners International Value Fund \| Class 1 **\|** ASR7056_01_12_D01_(02/26) \|

# Variable Portfolio – Partners International Value Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners International Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $124 | 1.06% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection in the consumer discretionary and information technology sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Underweights to the communication services, real estate and energy sectors buoyed the Fund's relative performance during the annual period.

**Individual holdings** \| Positions in Samsung Electronics, a South Korea-based manufacturer of electronics and semiconductor components; China-based eCommerce platform, Alibaba; metals and mining firm, ArcelorMittal; and Bank of Ireland, were among the top contributors to the Fund's relative performance. No exposure to Toyota Motor also contributed to relative performance during the period.

### Top Performance Detractors
**Stock selection** \| Selection in the industrials, health care, financials and energy sectors detracted from the Fund's relative performance during the annual period.

**Allocations** \| An underweight to the financials sector, overweights to the information technology and consumer discretionary sectors, and the Fund's cash position detracted from relative performance during the period.

**Individual holdings** \| Fund positions in Teleperformance, a France-based business process outsourcing provider; Olympus, a Japan-based manufacturer of precision instruments; and Arkema, a France-based chemicals company, were top detractors from the Fund's relative performance during the period. No exposure to Banco Santander and Banco Bilbao Vizcaya Argentaria, both Spain-based banks, also detracted from relative performance during the period.

Variable Portfolio – Partners International Value Fund \| Class 2 **\|** ASR7056_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g08n38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Partners International Value Fund Class 2 ($19610)** | **MSCI EAFE Index (Net) ($21959)** | **MSCI EAFE Value Index (Net) ($23004)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9213 | $9277 | $9187 |
| **02/16** | $8933 | $9107 | $9009 |
| **03/16** | $9602 | $9699 | $9603 |
| **04/16** | $10053 | $9980 | $9982 |
| **05/16** | $9873 | $9890 | $9823 |
| **06/16** | $9496 | $9558 | $9335 |
| **07/16** | $9909 | $10042 | $9826 |
| **08/16** | $10173 | $10049 | $9985 |
| **09/16** | $10276 | $10173 | $10082 |
| **10/16** | $10403 | $9965 | $10105 |
| **11/16** | $10449 | $9766 | $10043 |
| **12/16** | $10807 | $10100 | $10502 |
| **01/17** | $11248 | $10393 | $10761 |
| **02/17** | $11167 | $10542 | $10835 |
| **03/17** | $11412 | $10832 | $11138 |
| **04/17** | $11598 | $11107 | $11371 |
| **05/17** | $11819 | $11515 | $11635 |
| **06/17** | $11926 | $11495 | $11670 |
| **07/17** | $12443 | $11826 | $12060 |
| **08/17** | $12408 | $11822 | $11985 |
| **09/17** | $12827 | $12116 | $12355 |
| **10/17** | $13087 | $12300 | $12450 |
| **11/17** | $13205 | $12429 | $12562 |
| **12/17** | $13512 | $12628 | $12754 |
| **01/18** | $14303 | $13262 | $13443 |
| **02/18** | $13535 | $12663 | $12804 |
| **03/18** | $13321 | $12435 | $12496 |
| **04/18** | $13643 | $12719 | $12881 |
| **05/18** | $13058 | $12433 | $12322 |
| **06/18** | $12719 | $12281 | $12166 |
| **07/18** | $13145 | $12584 | $12515 |
| **08/18** | $12670 | $12341 | $12060 |
| **09/18** | $12918 | $12448 | $12310 |
| **10/18** | $11857 | $11457 | $11492 |
| **11/18** | $11760 | $11442 | $11428 |
| **12/18** | $11151 | $10887 | $10870 |
| **01/19** | $11943 | $11602 | $11597 |
| **02/19** | $12113 | $11898 | $11790 |
| **03/19** | $12002 | $11973 | $11730 |
| **04/19** | $12360 | $12310 | $12003 |
| **05/19** | $11435 | $11719 | $11308 |
| **06/19** | $12121 | $12414 | $11911 |
| **07/19** | $11720 | $12256 | $11643 |
| **08/19** | $11215 | $11939 | $11165 |
| **09/19** | $11776 | $12281 | $11704 |
| **10/19** | $12217 | $12722 | $12126 |
| **11/19** | $12321 | $12866 | $12174 |
| **12/19** | $12622 | $13284 | $12618 |
| **01/20** | $11919 | $13006 | $12162 |
| **02/20** | $10929 | $11831 | $11011 |
| **03/20** | $8632 | $10252 | $9060 |
| **04/20** | $9118 | $10914 | $9545 |
| **05/20** | $9525 | $11389 | $9835 |
| **06/20** | $9853 | $11777 | $10186 |
| **07/20** | $9919 | $12051 | $10206 |
| **08/20** | $10497 | $12671 | $10803 |
| **09/20** | $10182 | $12342 | $10307 |
| **10/20** | $9775 | $11849 | $9892 |
| **11/20** | $11482 | $13686 | $11766 |
| **12/20** | $12100 | $14322 | $12287 |
| **01/21** | $12087 | $14169 | $12191 |
| **02/21** | $12599 | $14487 | $12772 |
| **03/21** | $13093 | $14820 | $13202 |
| **04/21** | $13401 | $15266 | $13454 |
| **05/21** | $13897 | $15764 | $13919 |
| **06/21** | $13589 | $15587 | $13599 |
| **07/21** | $13589 | $15704 | $13566 |
| **08/21** | $13709 | $15981 | $13719 |
| **09/21** | $13253 | $15517 | $13467 |
| **10/21** | $13602 | $15899 | $13682 |
| **11/21** | $12797 | $15159 | $12859 |
| **12/21** | $13508 | $15935 | $13625 |
| **01/22** | $13589 | $15165 | $13767 |
| **02/22** | $13079 | $14897 | $13580 |
| **03/22** | $12824 | $14993 | $13670 |
| **04/22** | $12112 | $14023 | $12979 |
| **05/22** | $12495 | $14128 | $13298 |
| **06/22** | $11222 | $12817 | $11974 |
| **07/22** | $11564 | $13456 | $12224 |
| **08/22** | $10908 | $12817 | $11811 |
| **09/22** | $9909 | $11618 | $10752 |
| **10/22** | $10606 | $12242 | $11446 |
| **11/22** | $12043 | $13621 | $12704 |
| **12/22** | $11920 | $13632 | $12864 |
| **01/23** | $13084 | $14736 | $13857 |
| **02/23** | $12769 | $14429 | $13663 |
| **03/23** | $12924 | $14786 | $13628 |
| **04/23** | $13245 | $15204 | $14067 |
| **05/23** | $12645 | $14560 | $13309 |
| **06/23** | $13356 | $15223 | $14058 |
| **07/23** | $13845 | $15715 | $14697 |
| **08/23** | $13370 | $15113 | $14261 |
| **09/23** | $12868 | $14597 | $14140 |
| **10/23** | $12268 | $14005 | $13518 |
| **11/23** | $13189 | $15305 | $14589 |
| **12/23** | $13943 | $16118 | $15302 |
| **01/24** | $13677 | $16211 | $15292 |
| **02/24** | $13803 | $16508 | $15320 |
| **03/24** | $14356 | $17051 | $15988 |
| **04/24** | $14113 | $16614 | $15824 |
| **05/24** | $14987 | $17258 | $16448 |
| **06/24** | $14499 | $16979 | $15990 |
| **07/24** | $15115 | $17477 | $16739 |
| **08/24** | $15517 | $18046 | $17168 |
| **09/24** | $15875 | $18212 | $17412 |
| **10/24** | $15015 | $17222 | $16594 |
| **11/24** | $14886 | $17124 | $16466 |
| **12/24** | $14542 | $16735 | $16172 |
| **01/25** | $15359 | $17614 | $16997 |
| **02/25** | $15961 | $17956 | $17631 |
| **03/25** | $16100 | $17883 | $18042 |
| **04/25** | $16366 | $18702 | $18773 |
| **05/25** | $17073 | $19558 | $19527 |
| **06/25** | $17572 | $19989 | $19866 |
| **07/25** | $17321 | $19708 | $19917 |
| **08/25** | $18000 | $20549 | $21057 |
| **09/25** | $18458 | $20942 | $21334 |
| **10/25** | $18650 | $21188 | $21496 |
| **11/25** | $19107 | $21320 | $22081 |
| **12/25** | $19610 | $21959 | $23004 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 34.84 | 10.14 | 6.97 |
| MSCI EAFE Index (Net) | 31.22 | 8.92 | 8.18 |
| MSCI EAFE Value Index (Net) | 42.25 | 13.36 | 8.69 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadviser(s) that managed the Fund according to different principal investment strategies. If the Fund's current subadvisers and strategies had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1469671441 |
| **Total number of portfolio holdings** | 158 |
| **Management services fees (represents 0.82% of Fund average net assets)** | $11450900 |
| **Portfolio turnover for the reporting period** | 18% |

---

Variable Portfolio – Partners International Value Fund \| Class 2 **\|** ASR7056_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 18.8% |
| France | 12.9% |
| Germany | 12.0% |
| United Kingdom | 11.5% |
| Switzerland | 6.5% |
| Netherlands | 6.0% |
| United States | 5.4% |
| China | 4.1% |
| Ireland | 3.3% |
| South Korea | 3.0% |
| Other | 16.1% |

---

### Top Holdings

---

| | |
|:---|:---|
| Samsung Electronics Co., Ltd. | 2.2% |
| Roche Holding AG, Genusschein Shares | 1.9% |
| Reckitt Benckiser Group PLC | 1.9% |
| Sanofi SA | 1.7% |
| GSK PLC | 1.7% |
| ING Groep NV | 1.7% |
| Daikin Industries Ltd. | 1.5% |
| BASF SE | 1.5% |
| Julius Baer Group Ltd. | 1.4% |
| Cie Generale des Etablissements Michelin SCA | 1.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 14.5% |
| Consumer Discretionary | 12.8% |
| Health Care | 12.5% |
| Information Technology | 10.2% |
| Consumer Staples | 8.4% |
| Materials | 6.5% |
| Energy | 4.8% |
| Utilities | 1.9% |
| Communication Services | 1.3% |
| Other | 1.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners International Value Fund \| Class 2 **\|** ASR7056_02_12_D01_(02/26) \|

# Variable Portfolio – Partners Small Cap Growth Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Small Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $85 | 0.82% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection within the consumer discretionary sector boosted the Fund's relative performance most over the period. Selection within the specialty retail and household durables industries was most beneficial to relative Fund performance.

**Allocations** \| The Fund's overweight to the industrials sector and underweight to the communication services sector contributed positively to the Fund's relative performance over the period.

**Individual holdings** \| Positions in JFrog, a software supply chain solutions company; Guardant Health, a precision medicine company that develops blood tests to inform cancer treatment options; and VSE Corporation, a provider of aftermarket distribution and repair services, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection within the industrials sector detracted most from the Fund's relative performance.

**Allocations** \| The Fund's overweight to the consumer staples sector and holding a small amount of cash both detracted from Fund performance relative to the benchmark.

**Individual holdings** \| An underweight to Bloom Energy, a clean energy technology company tied to the buildout of AI-infrastructure, was the single largest detractor from relative performance over the period. An underweight to Kratos, a defense and securities solutions firm, also detracted from relative performance. Globant SA, a technology and software development company, and Fabrinet, a provider of electronic manufacturing services, were also among the Fund's top relative performance detractors during the period.

Variable Portfolio – Partners Small Cap Growth Fund \| Class 1 **\|** ASR7057_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g28y53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Partners Small Cap Growth Fund Class 1 ($21570)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Growth Index ($24949)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $8996 | $9436 | $8917 |
| **02/16** | $8881 | $9433 | $8853 |
| **03/16** | $9550 | $10097 | $9532 |
| **04/16** | $9792 | $10159 | $9627 |
| **05/16** | $9948 | $10341 | $9886 |
| **06/16** | $10029 | $10362 | $9841 |
| **07/16** | $10617 | $10774 | $10484 |
| **08/16** | $10525 | $10801 | $10596 |
| **09/16** | $10496 | $10818 | $10748 |
| **10/16** | $9948 | $10584 | $10080 |
| **11/16** | $10710 | $11058 | $10982 |
| **12/16** | $10664 | $11274 | $11132 |
| **01/17** | $10814 | $11486 | $11313 |
| **02/17** | $11039 | $11913 | $11590 |
| **03/17** | $11114 | $11921 | $11727 |
| **04/17** | $11269 | $12047 | $11943 |
| **05/17** | $11264 | $12171 | $11835 |
| **06/17** | $11587 | $12280 | $12242 |
| **07/17** | $11656 | $12512 | $12346 |
| **08/17** | $11523 | $12536 | $12332 |
| **09/17** | $12147 | $12842 | $13003 |
| **10/17** | $12349 | $13122 | $13205 |
| **11/17** | $12677 | $13521 | $13584 |
| **12/17** | $12666 | $13656 | $13599 |
| **01/18** | $13283 | $14375 | $14129 |
| **02/18** | $13081 | $13846 | $13727 |
| **03/18** | $13220 | $13568 | $13912 |
| **04/18** | $13220 | $13619 | $13926 |
| **05/18** | $14149 | $14004 | $14802 |
| **06/18** | $14276 | $14095 | $14918 |
| **07/18** | $14512 | $14563 | $15175 |
| **08/18** | $15799 | $15074 | $16119 |
| **09/18** | $15522 | $15099 | $15742 |
| **10/18** | $13606 | $13988 | $13750 |
| **11/18** | $13716 | $14268 | $13965 |
| **12/18** | $12077 | $12940 | $12334 |
| **01/19** | $13468 | $14051 | $13758 |
| **02/19** | $14126 | $14545 | $14646 |
| **03/19** | $13964 | $14757 | $14448 |
| **04/19** | $14230 | $15346 | $14888 |
| **05/19** | $13156 | $14353 | $13784 |
| **06/19** | $14207 | $15361 | $14845 |
| **07/19** | $14299 | $15590 | $14990 |
| **08/19** | $13474 | $15272 | $14343 |
| **09/19** | $13387 | $15540 | $14226 |
| **10/19** | $13716 | $15874 | $14630 |
| **11/19** | $14432 | $16478 | $15492 |
| **12/19** | $14645 | $16954 | $15847 |
| **01/20** | $14622 | $16935 | $15672 |
| **02/20** | $13526 | $15549 | $14541 |
| **03/20** | $11010 | $13410 | $11764 |
| **04/20** | $12764 | $15187 | $13516 |
| **05/20** | $14051 | $15999 | $14793 |
| **06/20** | $14530 | $16364 | $15362 |
| **07/20** | $15418 | $17294 | $15889 |
| **08/20** | $16099 | $18546 | $16822 |
| **09/20** | $15741 | $17871 | $16461 |
| **10/20** | $16007 | $17485 | $16586 |
| **11/20** | $18598 | $19613 | $19511 |
| **12/20** | $20323 | $20495 | $21335 |
| **01/21** | $21021 | $20404 | $22363 |
| **02/21** | $21783 | $21042 | $23102 |
| **03/21** | $21396 | $21796 | $22375 |
| **04/21** | $22383 | $22919 | $22863 |
| **05/21** | $21391 | $23024 | $22210 |
| **06/21** | $22435 | $23592 | $23251 |
| **07/21** | $22158 | $23991 | $22404 |
| **08/21** | $22920 | $24675 | $22812 |
| **09/21** | $22297 | $23568 | $21937 |
| **10/21** | $23393 | $25161 | $22964 |
| **11/21** | $21668 | $24778 | $21843 |
| **12/21** | $22008 | $25754 | $21939 |
| **01/22** | $18886 | $24239 | $18999 |
| **02/22** | $19054 | $23628 | $19082 |
| **03/22** | $19088 | $24395 | $19169 |
| **04/22** | $16838 | $22206 | $16817 |
| **05/22** | $16220 | $22176 | $16500 |
| **06/22** | $15274 | $20321 | $15478 |
| **07/22** | $16965 | $22227 | $17211 |
| **08/22** | $16319 | $21397 | $17049 |
| **09/22** | $14841 | $19413 | $15516 |
| **10/22** | $16238 | $21005 | $16988 |
| **11/22** | $16624 | $22102 | $17265 |
| **12/22** | $15632 | $20808 | $16157 |
| **01/23** | $17023 | $22241 | $17764 |
| **02/23** | $16734 | $21721 | $17571 |
| **03/23** | $16192 | $22302 | $17138 |
| **04/23** | $15765 | $22539 | $16939 |
| **05/23** | $15545 | $22627 | $16942 |
| **06/23** | $16976 | $24172 | $18347 |
| **07/23** | $17374 | $25039 | $19204 |
| **08/23** | $16267 | $24555 | $18205 |
| **09/23** | $15147 | $23386 | $17004 |
| **10/23** | $13976 | $22766 | $15692 |
| **11/23** | $15332 | $24888 | $17121 |
| **12/23** | $16757 | $26209 | $19171 |
| **01/24** | $16486 | $26499 | $18556 |
| **02/24** | $17877 | $27933 | $20064 |
| **03/24** | $18125 | $28835 | $20625 |
| **04/24** | $16855 | $27566 | $19037 |
| **05/24** | $18096 | $28868 | $20056 |
| **06/24** | $18321 | $29762 | $20023 |
| **07/24** | $19342 | $30315 | $21662 |
| **08/24** | $19613 | $30975 | $21422 |
| **09/24** | $19862 | $31616 | $21707 |
| **10/24** | $19256 | $31384 | $21419 |
| **11/24** | $21621 | $33471 | $24045 |
| **12/24** | $19948 | $32448 | $22077 |
| **01/25** | $20623 | $33473 | $22775 |
| **02/25** | $19256 | $32831 | $21233 |
| **03/25** | $17813 | $30916 | $19623 |
| **04/25** | $17888 | $30709 | $19497 |
| **05/25** | $19025 | $32655 | $20749 |
| **06/25** | $19792 | $34314 | $21971 |
| **07/25** | $19965 | $35070 | $22345 |
| **08/25** | $20946 | $35881 | $23666 |
| **09/25** | $21114 | $37120 | $24650 |
| **10/25** | $21350 | $37915 | $25447 |
| **11/25** | $21800 | $38019 | $25273 |
| **12/25** | $21570 | $38012 | $24949 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 8.13 | 1.20 | 7.99 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Growth Index | 13.01 | 3.18 | 9.57 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2025 reflects returns achieved by one or more different subadvisers. If the current subadvisers had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $345858841 |
| **Total number of portfolio holdings** | 162 |
| **Management services fees (represents 0.84% of Fund average net assets)** | $2888739 |
| **Portfolio turnover for the reporting period** | 139% |

---

Variable Portfolio – Partners Small Cap Growth Fund \| Class 1 **\|** ASR7057_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 27.3% |
| Health Care | 22.7% |
| Information Technology | 21.6% |
| Financials | 9.4% |
| Consumer Discretionary | 8.9% |
| Materials | 3.0% |
| Energy | 2.9% |
| Consumer Staples | 1.9% |
| Real Estate | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| VSE Corp. | 2.0% |
| Guardant Health, Inc. | 1.8% |
| RadNet, Inc. | 1.7% |
| Mirion Technologies, Inc. | 1.7% |
| Casella Waste Systems, Inc., Class A | 1.6% |
| Madrigal Pharmaceuticals, Inc. | 1.6% |
| Lattice Semiconductor Corp. | 1.6% |
| Saia, Inc. | 1.5% |
| CSW Industrials, Inc. | 1.4% |
| Credo Technology Group Holding Ltd. | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.4% |
| Money Market Funds | 1.8% |
| Other | 0.0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On March 27, 2025, the Fund's Board of Trustees approved certain changes to the Fund's subadvisor, principal investment strategies and principal risks effective on or about May 1, 2025 (the Effective Date). As a result, on the Effective Date, Allspring Global Investments, LLC (Allspring) no longer served as subadviser to the Fund, and Goldman Sachs Asset Management, LP (GSAM) and Segall Bryant & Hamill LLC (SBH) assumed day-to-day management of the Fund's portfolio.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners Small Cap Growth Fund \| Class 1 **\|** ASR7057_01_12_D01_(02/26) \|

# Variable Portfolio – Partners Small Cap Growth Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Small Cap Growth Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $111 | 1.07% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection within the consumer discretionary sector boosted the Fund's relative performance most over the period. Selection within the specialty retail and household durables industries was most beneficial to relative Fund performance.

**Allocations** \| The Fund's overweight to the industrials sector and underweight to the communication services sector contributed positively to the Fund's relative performance over the period.

**Individual holdings** \| Positions in JFrog, a software supply chain solutions company; Guardant Health, a precision medicine company that develops blood tests to inform cancer treatment options; and VSE Corporation, a provider of aftermarket distribution and repair services, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection within the industrials sector detracted most from the Fund's relative performance.

**Allocations** \| The Fund's overweight to the consumer staples sector and holding a small amount of cash both detracted from Fund performance relative to the benchmark.

**Individual holdings** \| An underweight to Bloom Energy, a clean energy technology company tied to the buildout of AI-infrastructure, was the single largest detractor from relative performance over the period. An underweight to Kratos, a defense and securities solutions firm, also detracted from relative performance. Globant SA, a technology and software development company, and Fabrinet, a provider of electronic manufacturing services, were also among the Fund's top relative performance detractors during the period.

Variable Portfolio – Partners Small Cap Growth Fund \| Class 2 **\|** ASR7057_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g16a82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Partners Small Cap Growth Fund Class 2 ($21042)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Growth Index ($24949)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $8993 | $9436 | $8917 |
| **02/16** | $8882 | $9433 | $8853 |
| **03/16** | $9549 | $10097 | $9532 |
| **04/16** | $9783 | $10159 | $9627 |
| **05/16** | $9941 | $10341 | $9886 |
| **06/16** | $10018 | $10362 | $9841 |
| **07/16** | $10603 | $10774 | $10484 |
| **08/16** | $10509 | $10801 | $10596 |
| **09/16** | $10480 | $10818 | $10748 |
| **10/16** | $9930 | $10584 | $10080 |
| **11/16** | $10685 | $11058 | $10982 |
| **12/16** | $10638 | $11274 | $11132 |
| **01/17** | $10790 | $11486 | $11313 |
| **02/17** | $11007 | $11913 | $11590 |
| **03/17** | $11077 | $11921 | $11727 |
| **04/17** | $11235 | $12047 | $11943 |
| **05/17** | $11224 | $12171 | $11835 |
| **06/17** | $11546 | $12280 | $12242 |
| **07/17** | $11610 | $12512 | $12346 |
| **08/17** | $11475 | $12536 | $12332 |
| **09/17** | $12096 | $12842 | $13003 |
| **10/17** | $12295 | $13122 | $13205 |
| **11/17** | $12623 | $13521 | $13584 |
| **12/17** | $12605 | $13656 | $13599 |
| **01/18** | $13220 | $14375 | $14129 |
| **02/18** | $13015 | $13846 | $13727 |
| **03/18** | $13150 | $13568 | $13912 |
| **04/18** | $13144 | $13619 | $13926 |
| **05/18** | $14069 | $14004 | $14802 |
| **06/18** | $14192 | $14095 | $14918 |
| **07/18** | $14420 | $14563 | $15175 |
| **08/18** | $15697 | $15074 | $16119 |
| **09/18** | $15416 | $15099 | $15742 |
| **10/18** | $13513 | $13988 | $13750 |
| **11/18** | $13618 | $14268 | $13965 |
| **12/18** | $11991 | $12940 | $12334 |
| **01/19** | $13367 | $14051 | $13758 |
| **02/19** | $14016 | $14545 | $14646 |
| **03/19** | $13852 | $14757 | $14448 |
| **04/19** | $14116 | $15346 | $14888 |
| **05/19** | $13044 | $14353 | $13784 |
| **06/19** | $14087 | $15361 | $14845 |
| **07/19** | $14174 | $15590 | $14990 |
| **08/19** | $13355 | $15272 | $14343 |
| **09/19** | $13267 | $15540 | $14226 |
| **10/19** | $13589 | $15874 | $14630 |
| **11/19** | $14292 | $16478 | $15492 |
| **12/19** | $14502 | $16954 | $15847 |
| **01/20** | $14473 | $16935 | $15672 |
| **02/20** | $13384 | $15549 | $14541 |
| **03/20** | $10896 | $13410 | $11764 |
| **04/20** | $12629 | $15187 | $13516 |
| **05/20** | $13899 | $15999 | $14793 |
| **06/20** | $14374 | $16364 | $15362 |
| **07/20** | $15246 | $17294 | $15889 |
| **08/20** | $15919 | $18546 | $16822 |
| **09/20** | $15562 | $17871 | $16461 |
| **10/20** | $15820 | $17485 | $16586 |
| **11/20** | $18378 | $19613 | $19511 |
| **12/20** | $20076 | $20495 | $21335 |
| **01/21** | $20761 | $20404 | $22363 |
| **02/21** | $21511 | $21042 | $23102 |
| **03/21** | $21118 | $21796 | $22375 |
| **04/21** | $22096 | $22919 | $22863 |
| **05/21** | $21107 | $23024 | $22210 |
| **06/21** | $22137 | $23592 | $23251 |
| **07/21** | $21856 | $23991 | $22404 |
| **08/21** | $22605 | $24675 | $22812 |
| **09/21** | $21985 | $23568 | $21937 |
| **10/21** | $23062 | $25161 | $22964 |
| **11/21** | $21358 | $24778 | $21843 |
| **12/21** | $21686 | $25754 | $21939 |
| **01/22** | $18607 | $24239 | $18999 |
| **02/22** | $18770 | $23628 | $19082 |
| **03/22** | $18800 | $24395 | $19169 |
| **04/22** | $16575 | $22206 | $16817 |
| **05/22** | $15966 | $22176 | $16500 |
| **06/22** | $15035 | $20321 | $15478 |
| **07/22** | $16698 | $22227 | $17211 |
| **08/22** | $16054 | $21397 | $17049 |
| **09/22** | $14596 | $19413 | $15516 |
| **10/22** | $15966 | $21005 | $16988 |
| **11/22** | $16341 | $22102 | $17265 |
| **12/22** | $15369 | $20808 | $16157 |
| **01/23** | $16727 | $22241 | $17764 |
| **02/23** | $16446 | $21721 | $17571 |
| **03/23** | $15902 | $22302 | $17138 |
| **04/23** | $15480 | $22539 | $16939 |
| **05/23** | $15263 | $22627 | $16942 |
| **06/23** | $16669 | $24172 | $18347 |
| **07/23** | $17055 | $25039 | $19204 |
| **08/23** | $15960 | $24555 | $18205 |
| **09/23** | $14865 | $23386 | $17004 |
| **10/23** | $13712 | $22766 | $15692 |
| **11/23** | $15035 | $24888 | $17121 |
| **12/23** | $16434 | $26209 | $19171 |
| **01/24** | $16159 | $26499 | $18556 |
| **02/24** | $17523 | $27933 | $20064 |
| **03/24** | $17763 | $28835 | $20625 |
| **04/24** | $16511 | $27566 | $19037 |
| **05/24** | $17722 | $28868 | $20056 |
| **06/24** | $17939 | $29762 | $20023 |
| **07/24** | $18934 | $30315 | $21662 |
| **08/24** | $19198 | $30975 | $21422 |
| **09/24** | $19438 | $31616 | $21707 |
| **10/24** | $18841 | $31384 | $21419 |
| **11/24** | $21153 | $33471 | $24045 |
| **12/24** | $19508 | $32448 | $22077 |
| **01/25** | $20170 | $33473 | $22775 |
| **02/25** | $18823 | $32831 | $21233 |
| **03/25** | $17412 | $30916 | $19623 |
| **04/25** | $17482 | $30709 | $19497 |
| **05/25** | $18589 | $32655 | $20749 |
| **06/25** | $19333 | $34314 | $21971 |
| **07/25** | $19502 | $35070 | $22345 |
| **08/25** | $20451 | $35881 | $23666 |
| **09/25** | $20615 | $37120 | $24650 |
| **10/25** | $20843 | $37915 | $25447 |
| **11/25** | $21276 | $38019 | $25273 |
| **12/25** | $21042 | $38012 | $24949 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 7.86 | 0.94 | 7.72 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Growth Index | 13.01 | 3.18 | 9.57 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2025 reflects returns achieved by one or more different subadvisers. If the current subadvisers had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $345858841 |
| **Total number of portfolio holdings** | 162 |
| **Management services fees (represents 0.84% of Fund average net assets)** | $2888739 |
| **Portfolio turnover for the reporting period** | 139% |

---

Variable Portfolio – Partners Small Cap Growth Fund \| Class 2 **\|** ASR7057_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Industrials | 27.3% |
| Health Care | 22.7% |
| Information Technology | 21.6% |
| Financials | 9.4% |
| Consumer Discretionary | 8.9% |
| Materials | 3.0% |
| Energy | 2.9% |
| Consumer Staples | 1.9% |
| Real Estate | 0.7% |

---

### Top Holdings

---

| | |
|:---|:---|
| VSE Corp. | 2.0% |
| Guardant Health, Inc. | 1.8% |
| RadNet, Inc. | 1.7% |
| Mirion Technologies, Inc. | 1.7% |
| Casella Waste Systems, Inc., Class A | 1.6% |
| Madrigal Pharmaceuticals, Inc. | 1.6% |
| Lattice Semiconductor Corp. | 1.6% |
| Saia, Inc. | 1.5% |
| CSW Industrials, Inc. | 1.4% |
| Credo Technology Group Holding Ltd. | 1.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.4% |
| Money Market Funds | 1.8% |
| Other | 0.0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |

---

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.

On March 27, 2025, the Fund's Board of Trustees approved certain changes to the Fund's subadvisor, principal investment strategies and principal risks effective on or about May 1, 2025 (the Effective Date). As a result, on the Effective Date, Allspring Global Investments, LLC (Allspring) no longer served as subadviser to the Fund, and Goldman Sachs Asset Management, LP (GSAM) and Segall Bryant & Hamill LLC (SBH) assumed day-to-day management of the Fund's portfolio.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners Small Cap Growth Fund \| Class 2 **\|** ASR7057_02_12_D01_(02/26) \|

# Variable Portfolio – Partners Small Cap Value Fund
Class 1

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Small Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 1 | $86 | 0.83% |

---

## Management's Discussion of Fund Performance
The performance of Class 1 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection within the industrials and materials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweight allocations to the materials and information technology sectors benefited the Fund's relative performance during the annual period, as did the Fund's underweight allocation to the real estate sector.

**Individual holdings** \| Positions in MP Materials, a California-based miner and producer of rare earths; REV Group, a designer and producer of specialty vehicles; Tower Semiconductor, a manufacturer of integrated circuits using specialty process technologies; and Mercury Systems, a producer of aerospace and defense equipment, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection within the health care sector detracted the most from the Fund's relative performance, specifically within the biotechnology industry.

**Allocations** \| The Fund's underweights to the health care and communication services sectors detracted most from relative Fund performance.

**Individual holdings** \| Not owning EchoStar, a telecommunications company specializing in satellite communication, wireless telecommunications, and internet services; Hecla Mining, a miner of precious and base metals; Coeur Mining, a precious metals producer, all were among the single largest detractors from the Fund's relative performance over the period. Fund positions in QuidelOrtho, a provider of diagnostic testing solutions; Compass Diversified Holdings, a holdings company that specializes in acquiring and managing leading industrial and branded consumer companies; and Apogee Enterprises, a provider of building products, were also among the Fund's top relative performance detractors during the period.

Variable Portfolio – Partners Small Cap Value Fund \| Class 1 **\|** ASR7058_01_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 1 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g31z03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Partners Small Cap Value Fund Class 1 ($20279)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Value Index ($24256)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9274 | $9436 | $9328 |
| **02/16** | $9491 | $9433 | $9392 |
| **03/16** | $10312 | $10097 | $10170 |
| **04/16** | $10476 | $10159 | $10386 |
| **05/16** | $10663 | $10341 | $10576 |
| **06/16** | $10481 | $10362 | $10608 |
| **07/16** | $10961 | $10774 | $11181 |
| **08/16** | $11168 | $10801 | $11458 |
| **09/16** | $11163 | $10818 | $11549 |
| **10/16** | $10875 | $10584 | $11169 |
| **11/16** | $12254 | $11058 | $12652 |
| **12/16** | $12561 | $11274 | $13174 |
| **01/17** | $12542 | $11486 | $13080 |
| **02/17** | $12638 | $11913 | $13269 |
| **03/17** | $12585 | $11921 | $13157 |
| **04/17** | $12672 | $12047 | $13209 |
| **05/17** | $12263 | $12171 | $12797 |
| **06/17** | $12629 | $12280 | $13245 |
| **07/17** | $12710 | $12512 | $13329 |
| **08/17** | $12268 | $12536 | $13001 |
| **09/17** | $13061 | $12842 | $13922 |
| **10/17** | $13191 | $13122 | $13940 |
| **11/17** | $13556 | $13521 | $14344 |
| **12/17** | $13460 | $13656 | $14207 |
| **01/18** | $13671 | $14375 | $14382 |
| **02/18** | $13109 | $13846 | $13663 |
| **03/18** | $13248 | $13568 | $13832 |
| **04/18** | $13369 | $13619 | $14071 |
| **05/18** | $13931 | $14004 | $14890 |
| **06/18** | $13969 | $14095 | $14980 |
| **07/18** | $14238 | $14563 | $15245 |
| **08/18** | $14618 | $15074 | $15608 |
| **09/18** | $14205 | $15099 | $15221 |
| **10/18** | $12970 | $13988 | $13858 |
| **11/18** | $13167 | $14268 | $14081 |
| **12/18** | $11648 | $12940 | $12379 |
| **01/19** | $12965 | $14051 | $13733 |
| **02/19** | $13546 | $14545 | $14267 |
| **03/19** | $13176 | $14757 | $13856 |
| **04/19** | $13681 | $15346 | $14380 |
| **05/19** | $12580 | $14353 | $13205 |
| **06/19** | $13378 | $15361 | $14046 |
| **07/19** | $13450 | $15590 | $14069 |
| **08/19** | $12609 | $15272 | $13284 |
| **09/19** | $13152 | $15540 | $13966 |
| **10/19** | $13287 | $15874 | $14304 |
| **11/19** | $13527 | $16478 | $14639 |
| **12/19** | $13955 | $16954 | $15151 |
| **01/20** | $13200 | $16935 | $14334 |
| **02/20** | $11740 | $15549 | $12941 |
| **03/20** | $9039 | $13410 | $9748 |
| **04/20** | $10293 | $15187 | $10951 |
| **05/20** | $10553 | $15999 | $11265 |
| **06/20** | $10769 | $16364 | $11591 |
| **07/20** | $10995 | $17294 | $11830 |
| **08/20** | $11494 | $18546 | $12468 |
| **09/20** | $10975 | $17871 | $11887 |
| **10/20** | $11374 | $17485 | $12313 |
| **11/20** | $13340 | $19613 | $14690 |
| **12/20** | $14551 | $20495 | $15853 |
| **01/21** | $14786 | $20404 | $16688 |
| **02/21** | $16487 | $21042 | $18255 |
| **03/21** | $17391 | $21796 | $19209 |
| **04/21** | $17938 | $22919 | $19598 |
| **05/21** | $17996 | $23024 | $20208 |
| **06/21** | $17617 | $23592 | $20085 |
| **07/21** | $17256 | $23991 | $19366 |
| **08/21** | $17453 | $24675 | $19885 |
| **09/21** | $17074 | $23568 | $19486 |
| **10/21** | $17540 | $25161 | $20229 |
| **11/21** | $17045 | $24778 | $19538 |
| **12/21** | $18044 | $25754 | $20335 |
| **01/22** | $17102 | $24239 | $19150 |
| **02/22** | $17516 | $23628 | $19467 |
| **03/22** | $17429 | $24395 | $19847 |
| **04/22** | $16242 | $22206 | $18307 |
| **05/22** | $16449 | $22176 | $18658 |
| **06/22** | $15074 | $20321 | $16815 |
| **07/22** | $16396 | $22227 | $18443 |
| **08/22** | $15622 | $21397 | $17860 |
| **09/22** | $14113 | $19413 | $16040 |
| **10/22** | $15843 | $21005 | $18059 |
| **11/22** | $16708 | $22102 | $18611 |
| **12/22** | $15709 | $20808 | $17390 |
| **01/23** | $17078 | $22241 | $19050 |
| **02/23** | $16934 | $21721 | $18610 |
| **03/23** | $15959 | $22302 | $17276 |
| **04/23** | $15459 | $22539 | $16845 |
| **05/23** | $15099 | $22627 | $16514 |
| **06/23** | $16319 | $24172 | $17825 |
| **07/23** | $17107 | $25039 | $19171 |
| **08/23** | $16646 | $24555 | $18248 |
| **09/23** | $15805 | $23386 | $17298 |
| **10/23** | $14978 | $22766 | $16266 |
| **11/23** | $15848 | $24888 | $17730 |
| **12/23** | $17496 | $26209 | $19937 |
| **01/24** | $16828 | $26499 | $19031 |
| **02/24** | $17477 | $27933 | $19654 |
| **03/24** | $18251 | $28835 | $20515 |
| **04/24** | $17069 | $27566 | $19208 |
| **05/24** | $17804 | $28868 | $20107 |
| **06/24** | $17371 | $29762 | $19768 |
| **07/24** | $19212 | $30315 | $22177 |
| **08/24** | $18991 | $30975 | $21761 |
| **09/24** | $18967 | $31616 | $21774 |
| **10/24** | $18515 | $31384 | $21434 |
| **11/24** | $20384 | $33471 | $23501 |
| **12/24** | $18890 | $32448 | $21543 |
| **01/25** | $19308 | $33473 | $21985 |
| **02/25** | $18491 | $32831 | $21144 |
| **03/25** | $17333 | $30916 | $19875 |
| **04/25** | $16449 | $30709 | $19077 |
| **05/25** | $17319 | $32655 | $19878 |
| **06/25** | $18035 | $34314 | $20862 |
| **07/25** | $18256 | $35070 | $21230 |
| **08/25** | $19683 | $35881 | $23028 |
| **09/25** | $19515 | $37120 | $23491 |
| **10/25** | $19332 | $37915 | $23550 |
| **11/25** | $20000 | $38019 | $24212 |
| **12/25** | $20279 | $38012 | $24256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 1<sup>Footnote Reference(a)</sup> | 7.35 | 6.86 | 7.33 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Value Index | 12.59 | 8.88 | 9.27 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadvisers or a different allocation of the Fund's assets among subadvisers. If the Fund's current subadvisers had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $410361972 |
| **Total number of portfolio holdings** | 178 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $3489096 |
| **Portfolio turnover for the reporting period** | 36% |

---

Variable Portfolio – Partners Small Cap Value Fund \| Class 1 **\|** ASR7058_01_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 22.5% |
| Industrials | 22.2% |
| Information Technology | 13.9% |
| Consumer Discretionary | 9.0% |
| Materials | 7.9% |
| Health Care | 6.5% |
| Real Estate | 5.9% |
| Energy | 4.2% |
| Utilities | 3.6% |
| Communication Services | 0.9% |
| Other | 0.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| VF Corp. | 1.7% |
| DigitalBridge Group, Inc. | 1.6% |
| Texas Capital Bancshares, Inc. | 1.6% |
| Valmont Industries, Inc. | 1.5% |
| Seacoast Banking Corp. of Florida | 1.5% |
| ICU Medical, Inc. | 1.4% |
| Hancock Whitney Corp. | 1.4% |
| Belden, Inc. | 1.3% |
| Ingevity Corp. | 1.2% |
| Cadence Bank | 1.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 97.0% |
| Money Market Funds | 3.1% |
| Other | 0.0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners Small Cap Value Fund \| Class 1 **\|** ASR7058_01_12_D01_(02/26) \|

# Variable Portfolio – Partners Small Cap Value Fund
Class 2

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Small Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 2 | $112 | 1.08% |

---

## Management's Discussion of Fund Performance
The performance of Class 2 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection within the industrials and materials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweight allocations to the materials and information technology sectors benefited the Fund's relative performance during the annual period, as did the Fund's underweight allocation to the real estate sector.

**Individual holdings** \| Positions in MP Materials, a California-based miner and producer of rare earths; REV Group, a designer and producer of specialty vehicles; Tower Semiconductor, a manufacturer of integrated circuits using specialty process technologies; and Mercury Systems, a producer of aerospace and defense equipment, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection within the health care sector detracted the most from the Fund's relative performance, specifically within the biotechnology industry.

**Allocations** \| The Fund's underweights to the health care and communication services sectors detracted most from relative Fund performance.

**Individual holdings** \| Not owning EchoStar, a telecommunications company specializing in satellite communication, wireless telecommunications, and internet services; Hecla Mining, a miner of precious and base metals; Coeur Mining, a precious metals producer, all were among the single largest detractors from the Fund's relative performance over the period. Fund positions in QuidelOrtho, a provider of diagnostic testing solutions; Compass Diversified Holdings, a holdings company that specializes in acquiring and managing leading industrial and branded consumer companies; and Apogee Enterprises, a provider of building products, were also among the Fund's top relative performance detractors during the period.

Variable Portfolio – Partners Small Cap Value Fund \| Class 2 **\|** ASR7058_02_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 2 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g68b57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Partners Small Cap Value Fund Class 2 ($19781)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Value Index ($24256)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9274 | $9436 | $9328 |
| **02/16** | $9488 | $9433 | $9392 |
| **03/16** | $10307 | $10097 | $10170 |
| **04/16** | $10468 | $10159 | $10386 |
| **05/16** | $10653 | $10341 | $10576 |
| **06/16** | $10468 | $10362 | $10608 |
| **07/16** | $10946 | $10774 | $11181 |
| **08/16** | $11151 | $10801 | $11458 |
| **09/16** | $11146 | $10818 | $11549 |
| **10/16** | $10853 | $10584 | $11169 |
| **11/16** | $12228 | $11058 | $12652 |
| **12/16** | $12535 | $11274 | $13174 |
| **01/17** | $12511 | $11486 | $13080 |
| **02/17** | $12604 | $11913 | $13269 |
| **03/17** | $12545 | $11921 | $13157 |
| **04/17** | $12633 | $12047 | $13209 |
| **05/17** | $12223 | $12171 | $12797 |
| **06/17** | $12584 | $12280 | $13245 |
| **07/17** | $12662 | $12512 | $13329 |
| **08/17** | $12223 | $12536 | $13001 |
| **09/17** | $13008 | $12842 | $13922 |
| **10/17** | $13130 | $13122 | $13940 |
| **11/17** | $13496 | $13521 | $14344 |
| **12/17** | $13398 | $13656 | $14207 |
| **01/18** | $13603 | $14375 | $14382 |
| **02/18** | $13042 | $13846 | $13663 |
| **03/18** | $13174 | $13568 | $13832 |
| **04/18** | $13296 | $13619 | $14071 |
| **05/18** | $13847 | $14004 | $14890 |
| **06/18** | $13886 | $14095 | $14980 |
| **07/18** | $14149 | $14563 | $15245 |
| **08/18** | $14525 | $15074 | $15608 |
| **09/18** | $14110 | $15099 | $15221 |
| **10/18** | $12882 | $13988 | $13858 |
| **11/18** | $13072 | $14268 | $14081 |
| **12/18** | $11560 | $12940 | $12379 |
| **01/19** | $12867 | $14051 | $13733 |
| **02/19** | $13442 | $14545 | $14267 |
| **03/19** | $13072 | $14757 | $13856 |
| **04/19** | $13569 | $15346 | $14380 |
| **05/19** | $12477 | $14353 | $13205 |
| **06/19** | $13262 | $15361 | $14046 |
| **07/19** | $13330 | $15590 | $14069 |
| **08/19** | $12501 | $15272 | $13284 |
| **09/19** | $13028 | $15540 | $13966 |
| **10/19** | $13164 | $15874 | $14304 |
| **11/19** | $13398 | $16478 | $14639 |
| **12/19** | $13818 | $16954 | $15151 |
| **01/20** | $13067 | $16935 | $14334 |
| **02/20** | $11624 | $15549 | $12941 |
| **03/20** | $8942 | $13410 | $9748 |
| **04/20** | $10185 | $15187 | $10951 |
| **05/20** | $10439 | $15999 | $11265 |
| **06/20** | $10653 | $16364 | $11591 |
| **07/20** | $10873 | $17294 | $11830 |
| **08/20** | $11365 | $18546 | $12468 |
| **09/20** | $10848 | $17871 | $11887 |
| **10/20** | $11243 | $17485 | $12313 |
| **11/20** | $13179 | $19613 | $14690 |
| **12/20** | $14369 | $20495 | $15853 |
| **01/21** | $14603 | $20404 | $16688 |
| **02/21** | $16280 | $21042 | $18255 |
| **03/21** | $17167 | $21796 | $19209 |
| **04/21** | $17704 | $22919 | $19598 |
| **05/21** | $17757 | $23024 | $20208 |
| **06/21** | $17377 | $23592 | $20085 |
| **07/21** | $17021 | $23991 | $19366 |
| **08/21** | $17211 | $24675 | $19885 |
| **09/21** | $16831 | $23568 | $19486 |
| **10/21** | $17289 | $25161 | $20229 |
| **11/21** | $16797 | $24778 | $19538 |
| **12/21** | $17782 | $25754 | $20335 |
| **01/22** | $16850 | $24239 | $19150 |
| **02/22** | $17255 | $23628 | $19467 |
| **03/22** | $17162 | $24395 | $19847 |
| **04/22** | $15987 | $22206 | $18307 |
| **05/22** | $16192 | $22176 | $18658 |
| **06/22** | $14832 | $20321 | $16815 |
| **07/22** | $16134 | $22227 | $18443 |
| **08/22** | $15368 | $21397 | $17860 |
| **09/22** | $13881 | $19413 | $16040 |
| **10/22** | $15578 | $21005 | $18059 |
| **11/22** | $16421 | $22102 | $18611 |
| **12/22** | $15441 | $20808 | $17390 |
| **01/23** | $16782 | $22241 | $19050 |
| **02/23** | $16641 | $21721 | $18610 |
| **03/23** | $15675 | $22302 | $17276 |
| **04/23** | $15178 | $22539 | $16845 |
| **05/23** | $14822 | $22627 | $16514 |
| **06/23** | $16017 | $24172 | $17825 |
| **07/23** | $16792 | $25039 | $19171 |
| **08/23** | $16333 | $24555 | $18248 |
| **09/23** | $15505 | $23386 | $17298 |
| **10/23** | $14695 | $22766 | $16266 |
| **11/23** | $15539 | $24888 | $17730 |
| **12/23** | $17153 | $26209 | $19937 |
| **01/24** | $16494 | $26499 | $19031 |
| **02/24** | $17128 | $27933 | $19654 |
| **03/24** | $17884 | $28835 | $20515 |
| **04/24** | $16719 | $27566 | $19208 |
| **05/24** | $17440 | $28868 | $20107 |
| **06/24** | $17011 | $29762 | $19768 |
| **07/24** | $18810 | $30315 | $22177 |
| **08/24** | $18586 | $30975 | $21761 |
| **09/24** | $18562 | $31616 | $21774 |
| **10/24** | $18118 | $31384 | $21434 |
| **11/24** | $19937 | $33471 | $23501 |
| **12/24** | $18474 | $32448 | $21543 |
| **01/25** | $18879 | $33473 | $21985 |
| **02/25** | $18074 | $32831 | $21144 |
| **03/25** | $16938 | $30916 | $19875 |
| **04/25** | $16070 | $30709 | $19077 |
| **05/25** | $16919 | $32655 | $19878 |
| **06/25** | $17616 | $34314 | $20862 |
| **07/25** | $17825 | $35070 | $21230 |
| **08/25** | $19215 | $35881 | $23028 |
| **09/25** | $19049 | $37120 | $23491 |
| **10/25** | $18864 | $37915 | $23550 |
| **11/25** | $19512 | $38019 | $24212 |
| **12/25** | $19781 | $38012 | $24256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 2<sup>Footnote Reference(a)</sup> | 7.07 | 6.60 | 7.06 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Value Index | 12.59 | 8.88 | 9.27 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadvisers or a different allocation of the Fund's assets among subadvisers. If the Fund's current subadvisers had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $410361972 |
| **Total number of portfolio holdings** | 178 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $3489096 |
| **Portfolio turnover for the reporting period** | 36% |

---

Variable Portfolio – Partners Small Cap Value Fund \| Class 2 **\|** ASR7058_02_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 22.5% |
| Industrials | 22.2% |
| Information Technology | 13.9% |
| Consumer Discretionary | 9.0% |
| Materials | 7.9% |
| Health Care | 6.5% |
| Real Estate | 5.9% |
| Energy | 4.2% |
| Utilities | 3.6% |
| Communication Services | 0.9% |
| Other | 0.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| VF Corp. | 1.7% |
| DigitalBridge Group, Inc. | 1.6% |
| Texas Capital Bancshares, Inc. | 1.6% |
| Valmont Industries, Inc. | 1.5% |
| Seacoast Banking Corp. of Florida | 1.5% |
| ICU Medical, Inc. | 1.4% |
| Hancock Whitney Corp. | 1.4% |
| Belden, Inc. | 1.3% |
| Ingevity Corp. | 1.2% |
| Cadence Bank | 1.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 97.0% |
| Money Market Funds | 3.1% |
| Other | 0.0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners Small Cap Value Fund \| Class 2 **\|** ASR7058_02_12_D01_(02/26) \|

# Variable Portfolio – Partners Small Cap Value Fund
Class 3

![Image](g245812g54v45.jpg)

## Annual Shareholder Report \| December 31, 2025
This annual shareholder report contains important information about Variable Portfolio – Partners Small Cap Value Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. 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.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class 3 | $98 | 0.95% |

---

## Management's Discussion of Fund Performance
The performance of Class 3 shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection within the industrials and materials sectors boosted the Fund's relative performance most during the annual period.

**Allocations** \| Overweight allocations to the materials and information technology sectors benefited the Fund's relative performance during the annual period, as did the Fund's underweight allocation to the real estate sector.

**Individual holdings** \| Positions in MP Materials, a California-based miner and producer of rare earths; REV Group, a designer and producer of specialty vehicles; Tower Semiconductor, a manufacturer of integrated circuits using specialty process technologies; and Mercury Systems, a producer of aerospace and defense equipment, were among the top contributors to the Fund's relative performance.

### Top Performance Detractors
**Stock selection** \| Selection within the health care sector detracted the most from the Fund's relative performance, specifically within the biotechnology industry.

**Allocations** \| The Fund's underweights to the health care and communication services sectors detracted most from relative Fund performance.

**Individual holdings** \| Not owning EchoStar, a telecommunications company specializing in satellite communication, wireless telecommunications, and internet services; Hecla Mining, a miner of precious and base metals; Coeur Mining, a precious metals producer, all were among the single largest detractors from the Fund's relative performance over the period. Fund positions in QuidelOrtho, a provider of diagnostic testing solutions; Compass Diversified Holdings, a holdings company that specializes in acquiring and managing leading industrial and branded consumer companies; and Apogee Enterprises, a provider of building products, were also among the Fund's top relative performance detractors during the period.

Variable Portfolio – Partners Small Cap Value Fund \| Class 3 **\|** ASR7058_03_12_D01_(02/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class 3 shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g245812g87c01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Portfolio – Partners Small Cap Value Fund Class 3 ($20034)** | **Russell 3000<sup>®</sup> Index ($38012)** | **Russell 2000<sup>®</sup> Value Index ($24256)** |
| **12/15** | $10000 | $10000 | $10000 |
| **01/16** | $9278 | $9436 | $9328 |
| **02/16** | $9491 | $9433 | $9392 |
| **03/16** | $10315 | $10097 | $10170 |
| **04/16** | $10475 | $10159 | $10386 |
| **05/16** | $10659 | $10341 | $10576 |
| **06/16** | $10475 | $10362 | $10608 |
| **07/16** | $10954 | $10774 | $11181 |
| **08/16** | $11163 | $10801 | $11458 |
| **09/16** | $11158 | $10818 | $11549 |
| **10/16** | $10867 | $10584 | $11169 |
| **11/16** | $12243 | $11058 | $12652 |
| **12/16** | $12553 | $11274 | $13174 |
| **01/17** | $12529 | $11486 | $13080 |
| **02/17** | $12621 | $11913 | $13269 |
| **03/17** | $12568 | $11921 | $13157 |
| **04/17** | $12655 | $12047 | $13209 |
| **05/17** | $12248 | $12171 | $12797 |
| **06/17** | $12607 | $12280 | $13245 |
| **07/17** | $12689 | $12512 | $13329 |
| **08/17** | $12248 | $12536 | $13001 |
| **09/17** | $13038 | $12842 | $13922 |
| **10/17** | $13164 | $13122 | $13940 |
| **11/17** | $13527 | $13521 | $14344 |
| **12/17** | $13435 | $13656 | $14207 |
| **01/18** | $13639 | $14375 | $14382 |
| **02/18** | $13081 | $13846 | $13663 |
| **03/18** | $13212 | $13568 | $13832 |
| **04/18** | $13338 | $13619 | $14071 |
| **05/18** | $13895 | $14004 | $14890 |
| **06/18** | $13929 | $14095 | $14980 |
| **07/18** | $14196 | $14563 | $15245 |
| **08/18** | $14574 | $15074 | $15608 |
| **09/18** | $14162 | $15099 | $15221 |
| **10/18** | $12931 | $13988 | $13858 |
| **11/18** | $13120 | $14268 | $14081 |
| **12/18** | $11609 | $12940 | $12379 |
| **01/19** | $12922 | $14051 | $13733 |
| **02/19** | $13498 | $14545 | $14267 |
| **03/19** | $13125 | $14757 | $13856 |
| **04/19** | $13629 | $15346 | $14380 |
| **05/19** | $12534 | $14353 | $13205 |
| **06/19** | $13324 | $15361 | $14046 |
| **07/19** | $13391 | $15590 | $14069 |
| **08/19** | $12558 | $15272 | $13284 |
| **09/19** | $13091 | $15540 | $13966 |
| **10/19** | $13232 | $15874 | $14304 |
| **11/19** | $13469 | $16478 | $14639 |
| **12/19** | $13891 | $16954 | $15151 |
| **01/20** | $13140 | $16935 | $14334 |
| **02/20** | $11686 | $15549 | $12941 |
| **03/20** | $8992 | $13410 | $9748 |
| **04/20** | $10242 | $15187 | $10951 |
| **05/20** | $10499 | $15999 | $11265 |
| **06/20** | $10712 | $16364 | $11591 |
| **07/20** | $10940 | $17294 | $11830 |
| **08/20** | $11434 | $18546 | $12468 |
| **09/20** | $10916 | $17871 | $11887 |
| **10/20** | $11313 | $17485 | $12313 |
| **11/20** | $13266 | $19613 | $14690 |
| **12/20** | $14462 | $20495 | $15853 |
| **01/21** | $14700 | $20404 | $16688 |
| **02/21** | $16386 | $21042 | $18255 |
| **03/21** | $17287 | $21796 | $19209 |
| **04/21** | $17825 | $22919 | $19598 |
| **05/21** | $17883 | $23024 | $20208 |
| **06/21** | $17500 | $23592 | $20085 |
| **07/21** | $17141 | $23991 | $19366 |
| **08/21** | $17335 | $24675 | $19885 |
| **09/21** | $16957 | $23568 | $19486 |
| **10/21** | $17422 | $25161 | $20229 |
| **11/21** | $16923 | $24778 | $19538 |
| **12/21** | $17917 | $25754 | $20335 |
| **01/22** | $16982 | $24239 | $19150 |
| **02/22** | $17389 | $23628 | $19467 |
| **03/22** | $17301 | $24395 | $19847 |
| **04/22** | $16119 | $22206 | $18307 |
| **05/22** | $16323 | $22176 | $18658 |
| **06/22** | $14956 | $20321 | $16815 |
| **07/22** | $16269 | $22227 | $18443 |
| **08/22** | $15499 | $21397 | $17860 |
| **09/22** | $13997 | $19413 | $16040 |
| **10/22** | $15717 | $21005 | $18059 |
| **11/22** | $16570 | $22102 | $18611 |
| **12/22** | $15577 | $20808 | $17390 |
| **01/23** | $16933 | $22241 | $19050 |
| **02/23** | $16793 | $21721 | $18610 |
| **03/23** | $15824 | $22302 | $17276 |
| **04/23** | $15320 | $22539 | $16845 |
| **05/23** | $14961 | $22627 | $16514 |
| **06/23** | $16172 | $24172 | $17825 |
| **07/23** | $16953 | $25039 | $19171 |
| **08/23** | $16492 | $24555 | $18248 |
| **09/23** | $15659 | $23386 | $17298 |
| **10/23** | $14840 | $22766 | $16266 |
| **11/23** | $15698 | $24888 | $17730 |
| **12/23** | $17330 | $26209 | $19937 |
| **01/24** | $16667 | $26499 | $19031 |
| **02/24** | $17306 | $27933 | $19654 |
| **03/24** | $18072 | $28835 | $20515 |
| **04/24** | $16899 | $27566 | $19208 |
| **05/24** | $17626 | $28868 | $20107 |
| **06/24** | $17195 | $29762 | $19768 |
| **07/24** | $19012 | $30315 | $22177 |
| **08/24** | $18794 | $30975 | $21761 |
| **09/24** | $18765 | $31616 | $21774 |
| **10/24** | $18319 | $31384 | $21434 |
| **11/24** | $20165 | $33471 | $23501 |
| **12/24** | $18687 | $32448 | $21543 |
| **01/25** | $19094 | $33473 | $21985 |
| **02/25** | $18285 | $32831 | $21144 |
| **03/25** | $17137 | $30916 | $19875 |
| **04/25** | $16265 | $30709 | $19077 |
| **05/25** | $17122 | $32655 | $19878 |
| **06/25** | $17829 | $34314 | $20862 |
| **07/25** | $18047 | $35070 | $21230 |
| **08/25** | $19453 | $35881 | $23028 |
| **09/25** | $19283 | $37120 | $23491 |
| **10/25** | $19099 | $37915 | $23550 |
| **11/25** | $19758 | $38019 | $24212 |
| **12/25** | $20034 | $38012 | $24256 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class 3<sup>Footnote Reference(a)</sup> | 7.21 | 6.73 | 7.20 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |
| Russell 2000<sup>®</sup> Value Index | 12.59 | 8.88 | 9.27 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund's performance prior to May 2021 reflects returns achieved by one or more different subadvisers or a different allocation of the Fund's assets among subadvisers. If the Fund's current subadvisers had been in place for the prior periods, results shown may have been different. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/variable-products for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $410361972 |
| **Total number of portfolio holdings** | 178 |
| **Management services fees (represents 0.87% of Fund average net assets)** | $3489096 |
| **Portfolio turnover for the reporting period** | 36% |

---

Variable Portfolio – Partners Small Cap Value Fund \| Class 3 **\|** ASR7058_03_12_D01_(02/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 22.5% |
| Industrials | 22.2% |
| Information Technology | 13.9% |
| Consumer Discretionary | 9.0% |
| Materials | 7.9% |
| Health Care | 6.5% |
| Real Estate | 5.9% |
| Energy | 4.2% |
| Utilities | 3.6% |
| Communication Services | 0.9% |
| Other | 0.4% |

---

### Top Holdings

---

| | |
|:---|:---|
| VF Corp. | 1.7% |
| DigitalBridge Group, Inc. | 1.6% |
| Texas Capital Bancshares, Inc. | 1.6% |
| Valmont Industries, Inc. | 1.5% |
| Seacoast Banking Corp. of Florida | 1.5% |
| ICU Medical, Inc. | 1.4% |
| Hancock Whitney Corp. | 1.4% |
| Belden, Inc. | 1.3% |
| Ingevity Corp. | 1.2% |
| Cadence Bank | 1.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 97.0% |
| Money Market Funds | 3.1% |
| Other | 0.0%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g245812g23f27.jpg)

Variable Portfolio – Partners Small Cap Value Fund \| Class 3 **\|** ASR7058_03_12_D01_(02/26) \|

------

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the "Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as "audit committee financial experts," as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each "independent" members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amount billed to the registrant ($)** | **Amount billed to the registrant ($)** | **Amount billed to the registrant's<br>investment advisor ($)** | **Amount billed to the registrant's<br>investment advisor ($)** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
|  Audit fees <sup>(a)</sup> | 1611031 | 1554250 | 0 | 0 |
|  Audit-related fees <sup>(b)</sup> | 50000 | 50000 | 0 | 0 |
|  Tax fees <sup>(c)</sup> | 668315 | 704383 | 0 | 0 |
|  All other fees <sup>(d)</sup> | 0 | 0 | 0 | 0 |
|  Non-audit fees <sup>(g)</sup> | 0 | 0 | 474000 | 581000 |

---

(a) Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.

------

(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant's Audit Committee is required to pre-approve the engagement of the registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

------

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The registrant's Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](g245812img0cfb96cc1.jpg)

Variable Portfolio – Partners Small Cap Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_cad71409-70ed-47f4-854c-72a9bece4cd4_POI-CommonContent-Date-325_1) | 3 |
| [Statement of Assets and Liabilities](#xx_cad71409-70ed-47f4-854c-72a9bece4cd4_FS-CommonContent-Date-325_1) | 9 |
| [Statement of Operations](#xx_cad71409-70ed-47f4-854c-72a9bece4cd4_FS-CommonContent-Date-325_2) | 10 |
| [Statement of Changes in Net Assets](#xx_cad71409-70ed-47f4-854c-72a9bece4cd4_FS-CommonContent-Date-325_3) | 11 |
| [Financial Highlights](#xx_cad71409-70ed-47f4-854c-72a9bece4cd4_FIHI-CommonContent-Date-325_1) | 12 |
| [Notes to Financial Statements](#xx_cad71409-70ed-47f4-854c-72a9bece4cd4_NTF-CommonContent-Date-325_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_cad71409-70ed-47f4-854c-72a9bece4cd4_AUD-CommonContent-Date-325_1) | 21 |

---

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.4%** | **Common Stocks 98.4%** | **Common Stocks 98.4%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Discretionary 8.9%** | **Consumer Discretionary 8.9%** | **Consumer Discretionary 8.9%** |
| **Automobile Components 0.9%** | **Automobile Components 0.9%** | **Automobile Components 0.9%** |
| Dorman Products, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11322 | &nbsp;&nbsp; 1394757 |
| Patrick Industries, Inc. | &nbsp;&nbsp; 17085 | &nbsp;&nbsp; 1852527 |
| Total |  | &nbsp;&nbsp; 3247284 |
| **Broadline Retail 0.4%** | **Broadline Retail 0.4%** | **Broadline Retail 0.4%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11233 | &nbsp;&nbsp; 1231249 |
| **Diversified Consumer Services 0.3%** | **Diversified Consumer Services 0.3%** | **Diversified Consumer Services 0.3%** |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp; 55423 | &nbsp;&nbsp; 1149473 |
| **Hotels, Restaurants & Leisure 2.5%** | **Hotels, Restaurants & Leisure 2.5%** | **Hotels, Restaurants & Leisure 2.5%** |
| Black Rock Coffee Bar, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 28828 | &nbsp;&nbsp; 641423 |
| Brinker International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11871 | &nbsp;&nbsp; 1703726 |
| Dutch Bros, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 23297 | &nbsp;&nbsp; 1426242 |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 88535 | &nbsp;&nbsp; 1335108 |
| Genius Sports Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 82467 | &nbsp;&nbsp; 908786 |
| Kura Sushi USA, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 16624 | &nbsp;&nbsp; 869934 |
| Life Time Group Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 68203 | &nbsp;&nbsp; 1812836 |
| Total |  | &nbsp;&nbsp; 8698055 |
| **Household Durables 2.1%** | **Household Durables 2.1%** | **Household Durables 2.1%** |
| Cavco Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4748 | &nbsp;&nbsp; 2804834 |
| Installed Building Products, Inc. | &nbsp;&nbsp; 17052 | &nbsp;&nbsp; 4423118 |
| Total |  | &nbsp;&nbsp; 7227952 |
| **Specialty Retail 2.1%** | **Specialty Retail 2.1%** | **Specialty Retail 2.1%** |
| Boot Barn Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22008 | &nbsp;&nbsp; 3883752 |
| Five Below, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 8777 | &nbsp;&nbsp; 1653236 |
| Revolve Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 52597 | &nbsp;&nbsp; 1587903 |
| Total |  | &nbsp;&nbsp; 7124891 |
| **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** |
| Kontoor Brands, Inc. | &nbsp;&nbsp; 21565 | &nbsp;&nbsp; 1317406 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp; 46898 | &nbsp;&nbsp; 851198 |
| Total |  | &nbsp;&nbsp; 2168604 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **30847508** |
| **Consumer Staples 1.9%** | **Consumer Staples 1.9%** | **Consumer Staples 1.9%** |
| **Beverages 0.9%** | **Beverages 0.9%** | **Beverages 0.9%** |
| Vita Coco Co., Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 56803 | &nbsp;&nbsp; 3011127 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Food Products 1.0%** | **Food Products 1.0%** | **Food Products 1.0%** |
| Freshpet, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13471 | &nbsp;&nbsp; 820788 |
| Vital Farms, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 80861 | &nbsp;&nbsp; 2582701 |
| Total |  | &nbsp;&nbsp; 3403489 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6414616** |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| **Energy Equipment & Services 1.7%** | **Energy Equipment & Services 1.7%** | **Energy Equipment & Services 1.7%** |
| Archrock, Inc. | &nbsp;&nbsp; 38609 | &nbsp;&nbsp; 1004606 |
| Solaris Energy Infrastructure, Inc., Class A | &nbsp;&nbsp; 8359 | &nbsp;&nbsp; 384263 |
| TechnipFMC PLC | &nbsp;&nbsp; 92008 | &nbsp;&nbsp; 4099877 |
| Tetra Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 64317 | &nbsp;&nbsp; 602650 |
| Total |  | &nbsp;&nbsp; 6091396 |
| **Oil, Gas & Consumable Fuels 1.2%** | **Oil, Gas & Consumable Fuels 1.2%** | **Oil, Gas & Consumable Fuels 1.2%** |
| Matador Resources Co. | &nbsp;&nbsp; 40270 | &nbsp;&nbsp; 1709059 |
| Range Resources Corp. | &nbsp;&nbsp; 67788 | &nbsp;&nbsp; 2390205 |
| Total |  | &nbsp;&nbsp; 4099264 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **10190660** |
| **Financials 9.4%** | **Financials 9.4%** | **Financials 9.4%** |
| **Banks 1.0%** | **Banks 1.0%** | **Banks 1.0%** |
| Bancorp, Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 28767 | &nbsp;&nbsp; 1942348 |
| Coastal Financial Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 12251 | &nbsp;&nbsp; 1403842 |
| Total |  | &nbsp;&nbsp; 3346190 |
| **Capital Markets 5.5%** | **Capital Markets 5.5%** | **Capital Markets 5.5%** |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp; 18774 | &nbsp;&nbsp; 2521536 |
| Houlihan Lokey, Inc., Class A | &nbsp;&nbsp; 14762 | &nbsp;&nbsp; 2571393 |
| Piper Sandler Companies | &nbsp;&nbsp; 8941 | &nbsp;&nbsp; 3037347 |
| PJT Partners, Inc. | &nbsp;&nbsp; 17082 | &nbsp;&nbsp; 2856110 |
| StepStone Group, Inc., Class A | &nbsp;&nbsp; 45287 | &nbsp;&nbsp; 2906067 |
| StoneX Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26216 | &nbsp;&nbsp; 2493928 |
| Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp; 18328 | &nbsp;&nbsp; 1156314 |
| WisdomTree, Inc. | &nbsp;&nbsp; 131564 | &nbsp;&nbsp; 1603765 |
| Total |  | &nbsp;&nbsp; 19146460 |
| **Consumer Finance 0.5%** | **Consumer Finance 0.5%** | **Consumer Finance 0.5%** |
| Enova International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11219 | &nbsp;&nbsp; 1763627 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Insurance 2.4%** | **Insurance 2.4%** | **Insurance 2.4%** |
| Goosehead Insurance, Inc., Class A | &nbsp;&nbsp; 34617 | &nbsp;&nbsp; 2549542 |
| Neptune Insurance Holdings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 8106 | &nbsp;&nbsp; 236371 |
| Palomar Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17255 | &nbsp;&nbsp; 2325284 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 64640 | &nbsp;&nbsp; 3303750 |
| Total |  | &nbsp;&nbsp; 8414947 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **32671224** |
| **Health Care 22.7%** | **Health Care 22.7%** | **Health Care 22.7%** |
| **Biotechnology 8.7%** | **Biotechnology 8.7%** | **Biotechnology 8.7%** |
| Alkermes PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 111463 | &nbsp;&nbsp; 3118735 |
| Apogee Therapeutics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13796 | &nbsp;&nbsp; 1041322 |
| Arcellx, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13091 | &nbsp;&nbsp; 853533 |
| CG Oncology, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31207 | &nbsp;&nbsp; 1295715 |
| Cytokinetics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43817 | &nbsp;&nbsp; 2784132 |
| Denali Therapeutics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 89952 | &nbsp;&nbsp; 1485108 |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15807 | &nbsp;&nbsp; 651407 |
| Dynavax Technologies Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31971 | &nbsp;&nbsp; 491714 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15940 | &nbsp;&nbsp; 1261013 |
| Krystal Biotech, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4201 | &nbsp;&nbsp; 1035715 |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9561 | &nbsp;&nbsp; 5567753 |
| Mineralys Therapeutics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 32087 | &nbsp;&nbsp; 1164437 |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31065 | &nbsp;&nbsp; 2453824 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 36550 | &nbsp;&nbsp; 3192277 |
| Revolution Medicines, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13033 | &nbsp;&nbsp; 1038078 |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13982 | &nbsp;&nbsp; 321586 |
| Vaxcyte, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 32246 | &nbsp;&nbsp; 1487830 |
| Xenon Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 19951 | &nbsp;&nbsp; 894204 |
| Total |  | &nbsp;&nbsp; 30138383 |
| **Health Care Equipment & Supplies 4.4%** | **Health Care Equipment & Supplies 4.4%** | **Health Care Equipment & Supplies 4.4%** |
| Beta Bionics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31009 | &nbsp;&nbsp; 944844 |
| Glaukos Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37326 | &nbsp;&nbsp; 4214479 |
| iRhythm Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11998 | &nbsp;&nbsp; 2128925 |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 38487 | &nbsp;&nbsp; 1020675 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp; 25262 | &nbsp;&nbsp; 2048748 |
| Merit Medical Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 28545 | &nbsp;&nbsp; 2515957 |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 36545 | &nbsp;&nbsp; 1149706 |
| TransMedics Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11580 | &nbsp;&nbsp; 1408707 |
| Total |  | &nbsp;&nbsp; 15432041 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Providers & Services 7.8%** | **Health Care Providers & Services 7.8%** | **Health Care Providers & Services 7.8%** |
| BrightSpring Health Services, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 56132 | &nbsp;&nbsp; 2102143 |
| Ensign Group, Inc. (The) | &nbsp;&nbsp; 25602 | &nbsp;&nbsp; 4459868 |
| GeneDx Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9846 | &nbsp;&nbsp; 1280571 |
| Guardant Health, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 61887 | &nbsp;&nbsp; 6321138 |
| HealthEquity, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29785 | &nbsp;&nbsp; 2728604 |
| Lumexa Imaging Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47820 | &nbsp;&nbsp; 884670 |
| Option Care Health, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 60335 | &nbsp;&nbsp; 1922273 |
| Pennant Group, Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 51945 | &nbsp;&nbsp; 1462252 |
| RadNet, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 81720 | &nbsp;&nbsp; 5830722 |
| Total |  | &nbsp;&nbsp; 26992241 |
| **Health Care Technology 0.5%** | **Health Care Technology 0.5%** | **Health Care Technology 0.5%** |
| HeartFlow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16744 | &nbsp;&nbsp; 488087 |
| Waystar Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37997 | &nbsp;&nbsp; 1244402 |
| Total |  | &nbsp;&nbsp; 1732489 |
| **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** |
| Repligen Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7646 | &nbsp;&nbsp; 1252874 |
| **Pharmaceuticals 0.9%** | **Pharmaceuticals 0.9%** | **Pharmaceuticals 0.9%** |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31959 | &nbsp;&nbsp; 1487691 |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4724 | &nbsp;&nbsp; 893167 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 39762 | &nbsp;&nbsp; 675954 |
| Total |  | &nbsp;&nbsp; 3056812 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **78604840** |
| **Industrials 27.3%** | **Industrials 27.3%** | **Industrials 27.3%** |
| **Aerospace & Defense 5.3%** | **Aerospace & Defense 5.3%** | **Aerospace & Defense 5.3%** |
| Karman Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43251 | &nbsp;&nbsp; 3164675 |
| Loar Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 67668 | &nbsp;&nbsp; 4601424 |
| Moog, Inc., Class A | &nbsp;&nbsp; 10774 | &nbsp;&nbsp; 2624008 |
| Voyager Technologies, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 27562 | &nbsp;&nbsp; 720471 |
| VSE Corp. | &nbsp;&nbsp; 40712 | &nbsp;&nbsp; 7033812 |
| Total |  | &nbsp;&nbsp; 18144390 |
| **Building Products 3.5%** | **Building Products 3.5%** | **Building Products 3.5%** |
| CSW Industrials, Inc. | &nbsp;&nbsp; 16889 | &nbsp;&nbsp; 4957428 |
| Griffon Corp. | &nbsp;&nbsp; 23450 | &nbsp;&nbsp; 1727093 |
| Modine Manufacturing Co.<sup>(a)</sup> <br>| &nbsp;&nbsp; 27726 | &nbsp;&nbsp; 3701698 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp; 9888 | &nbsp;&nbsp; 1596615 |
| Total |  | &nbsp;&nbsp; 11982834 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Commercial Services & Supplies 1.6%** | **Commercial Services & Supplies 1.6%** | **Commercial Services & Supplies 1.6%** |
| Casella Waste Systems, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 57095 | &nbsp;&nbsp; 5591884 |
| **Construction & Engineering 5.6%** | **Construction & Engineering 5.6%** | **Construction & Engineering 5.6%** |
| Centuri Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 49870 | &nbsp;&nbsp; 1259218 |
| Construction Partners, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 23688 | &nbsp;&nbsp; 2571332 |
| Everus Construction Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 1882320 |
| Fluor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 23858 | &nbsp;&nbsp; 945493 |
| IES Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2271 | &nbsp;&nbsp; 883464 |
| Limbach Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29700 | &nbsp;&nbsp; 2312145 |
| MYR Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9554 | &nbsp;&nbsp; 2087549 |
| Primoris Services Corp. | &nbsp;&nbsp; 28317 | &nbsp;&nbsp; 3515272 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13169 | &nbsp;&nbsp; 4032743 |
| Total |  | &nbsp;&nbsp; 19489536 |
| **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** |
| Nextpower, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 45054 | &nbsp;&nbsp; 3924654 |
| **Ground Transportation 1.8%** | **Ground Transportation 1.8%** | **Ground Transportation 1.8%** |
| Landstar System, Inc. | &nbsp;&nbsp; 7243 | &nbsp;&nbsp; 1040819 |
| Saia, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15925 | &nbsp;&nbsp; 5199831 |
| Total |  | &nbsp;&nbsp; 6240650 |
| **Machinery 5.2%** | **Machinery 5.2%** | **Machinery 5.2%** |
| CECO Environmental Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 30881 | &nbsp;&nbsp; 1848228 |
| EnPro, Inc. | &nbsp;&nbsp; 12912 | &nbsp;&nbsp; 2764847 |
| Esab Corp. | &nbsp;&nbsp; 21982 | &nbsp;&nbsp; 2455829 |
| ESCO Technologies, Inc. | &nbsp;&nbsp; 8284 | &nbsp;&nbsp; 1618611 |
| Federal Signal Corp. | &nbsp;&nbsp; 16910 | &nbsp;&nbsp; 1836257 |
| RBC Bearings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5073 | &nbsp;&nbsp; 2274885 |
| SPX Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15804 | &nbsp;&nbsp; 3161748 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp; 7198 | &nbsp;&nbsp; 1986792 |
| Total |  | &nbsp;&nbsp; 17947197 |
| **Professional Services 0.9%** | **Professional Services 0.9%** | **Professional Services 0.9%** |
| Parsons Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 48222 | &nbsp;&nbsp; 2980120 |
| **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** |
| FTAI Aviation Ltd. | &nbsp;&nbsp; 15049 | &nbsp;&nbsp; 2962396 |
| Herc Holdings Inc | &nbsp;&nbsp; 8162 | &nbsp;&nbsp; 1211077 |
| McGrath Rentcorp | &nbsp;&nbsp; 12898 | &nbsp;&nbsp; 1353387 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10316 | &nbsp;&nbsp; 1284961 |
| Watsco, Inc. | &nbsp;&nbsp; 3387 | &nbsp;&nbsp; 1141250 |
| Total |  | &nbsp;&nbsp; 7953071 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **94254336** |
| **Information Technology 21.6%** | **Information Technology 21.6%** | **Information Technology 21.6%** |
| **Communications Equipment 0.3%** | **Communications Equipment 0.3%** | **Communications Equipment 0.3%** |
| Applied Optoelectronics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 32509 | &nbsp;&nbsp; 1133264 |
| **Electronic Equipment, Instruments & Components 5.5%** | **Electronic Equipment, Instruments & Components 5.5%** | **Electronic Equipment, Instruments & Components 5.5%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp; 10153 | &nbsp;&nbsp; 2125734 |
| Badger Meter, Inc. | &nbsp;&nbsp; 10674 | &nbsp;&nbsp; 1861652 |
| Fabrinet<sup>(a)</sup> <br>| &nbsp;&nbsp; 4593 | &nbsp;&nbsp; 2091101 |
| Itron, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14904 | &nbsp;&nbsp; 1383985 |
| Mirion Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 244107 | &nbsp;&nbsp; 5716986 |
| Novanta, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33323 | &nbsp;&nbsp; 3965104 |
| Vontier Corp. | &nbsp;&nbsp; 44763 | &nbsp;&nbsp; 1664288 |
| Total |  | &nbsp;&nbsp; 18808850 |
| **IT Services 0.7%** | **IT Services 0.7%** | **IT Services 0.7%** |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 49012 | &nbsp;&nbsp; 2358457 |
| **Semiconductors & Semiconductor Equipment 9.0%** | **Semiconductors & Semiconductor Equipment 9.0%** | **Semiconductors & Semiconductor Equipment 9.0%** |
| Allegro MicroSystems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41514 | &nbsp;&nbsp; 1095139 |
| Ambiq Micro, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20416 | &nbsp;&nbsp; 581856 |
| Axcelis Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14555 | &nbsp;&nbsp; 1169349 |
| Camtek Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 12812 | &nbsp;&nbsp; 1362492 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33012 | &nbsp;&nbsp; 4750097 |
| Formfactor, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 25597 | &nbsp;&nbsp; 1427801 |
| Impinj, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15183 | &nbsp;&nbsp; 2641994 |
| Lattice Semiconductor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 73862 | &nbsp;&nbsp; 5434766 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11202 | &nbsp;&nbsp; 1918678 |
| Onto Innovation, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 27825 | &nbsp;&nbsp; 4392454 |
| Rambus, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17458 | &nbsp;&nbsp; 1604216 |
| SiTime Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 4695308 |
| Total |  | &nbsp;&nbsp; 31074150 |
| **Software 6.1%** | **Software 6.1%** | **Software 6.1%** |
| Amplitude, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 130045 | &nbsp;&nbsp; 1505921 |
| AvePoint, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 51986 | &nbsp;&nbsp; 722086 |
| Braze, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 49810 | &nbsp;&nbsp; 1707985 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 68934 | &nbsp;&nbsp; 1662688 |
| Dave, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4259 | &nbsp;&nbsp; 942985 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 27087 | &nbsp;&nbsp; 2374446 |
| Intapp, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33788 | &nbsp;&nbsp; 1548166 |
| JFrog Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 69863 | &nbsp;&nbsp; 4363643 |
| OneStream, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 52327 | &nbsp;&nbsp; 961770 |
| Procore Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 39469 | &nbsp;&nbsp; 2870975 |
| ServiceTitan, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 19315 | &nbsp;&nbsp; 2057048 |
| Via Transportation, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 17167 | &nbsp;&nbsp; 498015 |
| Total |  | &nbsp;&nbsp; 21215728 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **74590449** |
| **Materials 3.0%** | **Materials 3.0%** | **Materials 3.0%** |
| **Chemicals 1.3%** | **Chemicals 1.3%** | **Chemicals 1.3%** |
| Balchem Corp. | &nbsp;&nbsp; 10227 | &nbsp;&nbsp; 1568413 |
| Hawkins, Inc. | &nbsp;&nbsp; 15376 | &nbsp;&nbsp; 2184315 |
| Ingevity Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15163 | &nbsp;&nbsp; 897346 |
| Total |  | &nbsp;&nbsp; 4650074 |
| **Construction Materials 0.7%** | **Construction Materials 0.7%** | **Construction Materials 0.7%** |
| Knife River Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14728 | &nbsp;&nbsp; 1036115 |
| United States Lime & Minerals, Inc. | &nbsp;&nbsp; 10599 | &nbsp;&nbsp; 1269124 |
| Total |  | &nbsp;&nbsp; 2305239 |
| **Metals & Mining 1.0%** | **Metals & Mining 1.0%** | **Metals & Mining 1.0%** |
| Coeur Mining, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 12341 | &nbsp;&nbsp; 220040 |
| Materion Corp. | &nbsp;&nbsp; 25667 | &nbsp;&nbsp; 3190921 |
| Total |  | &nbsp;&nbsp; 3410961 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **10366274** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| **Industrial REITs 0.7%** | **Industrial REITs 0.7%** | **Industrial REITs 0.7%** |
| Terreno Realty Corp. | &nbsp;&nbsp; 38837 | &nbsp;&nbsp; 2280120 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **2280120** |
| Total Common Stocks <br>(Cost $297,327,743) | Total Common Stocks <br>(Cost $297,327,743) | &nbsp;&nbsp; **340220027** |
| **Rights 0.0%** | **Rights 0.0%** | **Rights 0.0%** |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** |
| Sanofi SA<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 6354 | &nbsp;&nbsp; 2542 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2542** |
| Total Rights <br>(Cost $—) | Total Rights <br>(Cost $—) | &nbsp;&nbsp; **2542** |
| **Money Market Funds 1.8%** | **Money Market Funds 1.8%** | **Money Market Funds 1.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(e),(f)</sup> <br>| &nbsp;&nbsp; 6233366 | &nbsp;&nbsp; 6231496 |
| Total Money Market Funds <br>(Cost $6,231,496) | Total Money Market Funds <br>(Cost $6,231,496) | &nbsp;&nbsp; **6231496** |
| **Total Investments in Securities** <br>**(Cost: $303,559,239)** | **Total Investments in Securities** <br>**(Cost: $303,559,239)** | &nbsp;&nbsp; **346454065** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(595224)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **345858841** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2025, the total value of these securities amounted to $2,542, which represents less than 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At December 31, 2025, the total market value of these securities amounted to $2,542, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Sanofi SA | 07/17/2025 | &nbsp;&nbsp; 6354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the seven-day current annualized yield at December 31, 2025.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(f) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 2562504 | &nbsp;&nbsp; 114028501 | &nbsp;&nbsp; (110359509)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6231496 | &nbsp;&nbsp; (1163)<br>| &nbsp;&nbsp; 254708 | &nbsp;&nbsp; 6233366 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Consumer Discretionary | 30847508 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30847508 |
| Consumer Staples | 6414616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6414616 |
| Energy | 10190660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10190660 |
| Financials | 32671224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32671224 |
| Health Care | 78604840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78604840 |
| Industrials | 94254336 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94254336 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Information Technology | 74590449 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74590449 |
| Materials | 10366274 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10366274 |
| Real Estate | 2280120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2280120 |
| Total Common Stocks | 340220027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340220027 |
| Rights |  |  |  |  |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2542 | &nbsp;&nbsp;&nbsp;&nbsp; 2542 |
| Total Rights |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2542 | &nbsp;&nbsp;&nbsp;&nbsp; 2542 |
| Money Market Funds | 6231496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6231496 |
| Total Investments in Securities | 346451523 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2542 | &nbsp;&nbsp;&nbsp;&nbsp; 346454065 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $297,327,743) | $340222569 |
| Affiliated issuers (cost $6,231,496) | 6231496 |
| Receivable for: |  |
| Investments sold | 221799 |
| Capital shares sold | 815 |
| Dividends | 64421 |
| Expense reimbursement due from Investment Manager | 671 |
| Prepaid expenses | 4009 |
| Total assets | 346745780 |
| **Liabilities** |  |
| Due to custodian | 2103 |
| Payable for: |  |
| Investments purchased | 366938 |
| Capital shares redeemed | 362498 |
| Management services fees | 8340 |
| Distribution and/or service fees | 149 |
| Service fees | 1258 |
| Compensation of chief compliance officer | 57 |
| Compensation of board members | 594 |
| Other expenses | 29162 |
| Deferred compensation of board members | 115840 |
| Total liabilities | 886939 |
| **Net assets applicable to outstanding capital stock** | **$345858841** |
| **Represented by** |  |
| Trust capital | $345858841 |
| **Total - representing net assets applicable to outstanding capital stock** | **$345858841** |
| **Class 1** |  |
| Net assets | $324352368 |
| Shares outstanding | 8676980 |
| Net asset value per share | $37.38 |
| **Class 2** |  |
| Net assets | $21506473 |
| Shares outstanding | 598346 |
| Net asset value per share | $35.94 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $1110649 |
| Dividends — affiliated issuers | 254708 |
| Foreign taxes withheld | (1113)<br>|
| Total income | 1364244 |
| Expenses: |  |
| Management services fees | 3003716 |
| Distribution and/or service fees |  |
| Class 2 | 53690 |
| Service fees | 14541 |
| Custodian fees | 30547 |
| Printing and postage fees | 17439 |
| Accounting services fees | 32423 |
| Legal fees | 23112 |
| Interest on interfund lending | 240 |
| Compensation of chief compliance officer | 51 |
| Compensation of board members | 14679 |
| Deferred compensation of board members | 17745 |
| Other | 11627 |
| Total expenses | 3219810 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (346186)<br>|
| Total net expenses | 2873624 |
| **Net investment loss** | (1509380)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 10439285 |
| Investments — affiliated issuers | (1163)<br>|
| Net realized gain | 10438122 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 19047170 |
| Net change in unrealized appreciation (depreciation) | 19047170 |
| Net realized and unrealized gain | 29485292 |
| **Net increase in net assets resulting from operations** | **$27975912** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment loss | $(1509380)<br>| &nbsp;&nbsp; $(2548818)<br>|
| Net realized gain | 10438122 | &nbsp;&nbsp; 139952312 |
| Net change in unrealized appreciation (depreciation) | 19047170 | &nbsp;&nbsp; (50507688)<br>|
| Net increase in net assets resulting from operations | 27975912 | &nbsp;&nbsp; 86895806 |
| Decrease in net assets from capital stock activity | (35286049)<br>| &nbsp;&nbsp; (285034051)<br>|
| Total decrease in net assets | (7310137)<br>| &nbsp;&nbsp; (198138245)<br>|
| Net assets at beginning of year | 353168978 | &nbsp;&nbsp; 551307223 |
| **Net assets at end of year** | **$345858841** | &nbsp;&nbsp; **$353168978** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 37818 | &nbsp;&nbsp;&nbsp;&nbsp; 1270054 | &nbsp;&nbsp;&nbsp;&nbsp; 42615 | &nbsp;&nbsp;&nbsp;&nbsp; 1378306 |
| Shares redeemed | (922787)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33695580)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8828564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (287186282)<br>|
| Net decrease | (884969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32425526)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8785949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (285807976)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 74384 | &nbsp;&nbsp;&nbsp;&nbsp; 2441015 | &nbsp;&nbsp;&nbsp;&nbsp; 99470 | &nbsp;&nbsp;&nbsp;&nbsp; 3127074 |
| Shares redeemed | (155976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5301538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75343)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2353149)<br>|
| Net increase (decrease) | (81592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2860523)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24127 | &nbsp;&nbsp;&nbsp;&nbsp; 773925 |
| **Total net decrease** | **(966561)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(35286049)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(8761822)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(285034051)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $34.57<br>| &nbsp;&nbsp; (0.15) <br>| 2.96<br>| 2.81<br>|
| Year Ended 12/31/2024 | $29.04<br>| &nbsp;&nbsp; (0.17) <br>| 5.70<br>| 5.53<br>|
| Year Ended 12/31/2023 | $27.09<br>| &nbsp;&nbsp; (0.09) <br>| 2.04<br>| 1.95<br>|
| Year Ended 12/31/2022 | $38.14<br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; (10.92) <br>| &nbsp;&nbsp; (11.05) <br>|
| Year Ended 12/31/2021 | $35.22<br>| &nbsp;&nbsp; (0.24) <br>| 3.16<br>| 2.92<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $33.32<br>| &nbsp;&nbsp; (0.22) <br>| 2.84<br>| 2.62<br>|
| Year Ended 12/31/2024 | $28.07<br>| &nbsp;&nbsp; (0.24) <br>| 5.49<br>| 5.25<br>|
| Year Ended 12/31/2023 | $26.25<br>| &nbsp;&nbsp; (0.15) <br>| 1.97<br>| 1.82<br>|
| Year Ended 12/31/2022 | $37.04<br>| &nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp; (10.60) <br>| &nbsp;&nbsp; (10.79) <br>|
| Year Ended 12/31/2021 | $34.29<br>| &nbsp;&nbsp; (0.32) <br>| 3.07<br>| 2.75<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $37.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 139%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $324352<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $34.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $330514<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $29.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $532901<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $27.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28.97%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.44%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $543776<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $38.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $712475<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $35.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 139%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21506<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $33.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22655<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18407<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $26.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29.13%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16433<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $37.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19267<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Variable Portfolio – Partners Small Cap Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.84% of the Fund's average daily net assets.

Effective December 16, 2024 (Waiver Effective Date), the Investment Manager started to voluntarily waive a portion of its management fee effective on Fund assets formerly managed by a Fund subadviser that was terminated on the Waiver Effective Date (the Former Subadviser's Sleeve), which assets have been managed directly by the Investment Manager since that date. The Investment Manager waived its management fees in an amount equal to the subadvisory fees that would have been paid by the Investment Manager to the former subadviser with respect to the Former Subadviser's Sleeve (based on the fee schedule in the terminated subadvisory agreement between the Investment Manager and the former subadviser

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

and the daily value of such assets). This voluntary management fee waiver was not taken into account as an offset to the Fund's operating expenses when calculating an existing contractual fee waiver/reimbursement arrangement between the Fund and the Investment Manager. This arrangement was terminated effective April 30, 2025.

**Subadvisory agreements** 

Effective May 1, 2025, the Investment Manager has entered into Subadvisory Agreements with Goldman Sachs Asset Management, L.P., and Segall Bryant & Hamill, LLC, each of which subadvises a portion of the assets of the Fund. Prior to May 1, 2025, Allspring Global Investments, LLC served as a subadviser to the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. The Fund's management services fee voluntary waiver, which took effect on December 16, 2024, is also excluded from the waiver/reimbursement commitment and, therefore, provides an additional benefit to the Fund's shareholders. Effective April 30, 2025, this voluntary waiver arrangement was terminated. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $472,683,111 and $512,583,950, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Brokerage commissions paid to brokers affiliated with the Investment Manager of the Fund were $8,570 for the year ended December 31, 2025.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 316667 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners Small Cap Growth Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners Small Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Partners Small Cap Growth Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Variable Portfolio – Partners Small Cap Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgdeb29a412.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7057_12_E01_(02/26)

------

![](g245812imgfe5561271.jpg)

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_1e4ad6fc-f307-4720-a6b8-dc7b3c64661d_POI-CommonContent-Date-310_1) | 3 |
| [Statement of Assets and Liabilities](#xx_1e4ad6fc-f307-4720-a6b8-dc7b3c64661d_FS-CommonContent-Date-310_1) | 6 |
| [Statement of Operations](#xx_1e4ad6fc-f307-4720-a6b8-dc7b3c64661d_FS-CommonContent-Date-310_2) | 7 |
| [Statement of Changes in Net Assets](#xx_1e4ad6fc-f307-4720-a6b8-dc7b3c64661d_FS-CommonContent-Date-310_3) | 8 |
| [Financial Highlights](#xx_1e4ad6fc-f307-4720-a6b8-dc7b3c64661d_FIHI-CommonContent-Date-310_2) | 10 |
| [Notes to Financial Statements](#xx_1e4ad6fc-f307-4720-a6b8-dc7b3c64661d_NTF-CommonContent-Date-310_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_1e4ad6fc-f307-4720-a6b8-dc7b3c64661d_AUD-CommonContent-Date-310_1) | 19 |

---

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.7%** | **Common Stocks 99.7%** | **Common Stocks 99.7%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 11.6%** | **Communication Services 11.6%** | **Communication Services 11.6%** |
| **Interactive Media & Services 11.6%** | **Interactive Media & Services 11.6%** | **Interactive Media & Services 11.6%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 390280 | &nbsp;&nbsp; 122157640 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 110103 | &nbsp;&nbsp; 72677889 |
| Total |  | &nbsp;&nbsp; 194835529 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **194835529** |
| **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** |
| **Automobiles 3.1%** | **Automobiles 3.1%** | **Automobiles 3.1%** |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 112939 | &nbsp;&nbsp; 50790927 |
| **Broadline Retail 5.3%** | **Broadline Retail 5.3%** | **Broadline Retail 5.3%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 387044 | &nbsp;&nbsp; 89337496 |
| **Specialty Retail 1.6%** | **Specialty Retail 1.6%** | **Specialty Retail 1.6%** |
| AutoZone, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7908 | &nbsp;&nbsp; 26819982 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **166948405** |
| **Financials 7.3%** | **Financials 7.3%** | **Financials 7.3%** |
| **Banks 3.8%** | **Banks 3.8%** | **Banks 3.8%** |
| Bank of America Corp. | &nbsp;&nbsp; 769530 | &nbsp;&nbsp; 42324150 |
| Fifth Third Bancorp | &nbsp;&nbsp; 450886 | &nbsp;&nbsp; 21105974 |
| Total |  | &nbsp;&nbsp; 63430124 |
| **Capital Markets 2.1%** | **Capital Markets 2.1%** | **Capital Markets 2.1%** |
| Ares Management Corp., Class A | &nbsp;&nbsp; 218120 | &nbsp;&nbsp; 35254735 |
| **Financial Services 1.4%** | **Financial Services 1.4%** | **Financial Services 1.4%** |
| Visa, Inc., Class A | &nbsp;&nbsp; 69990 | &nbsp;&nbsp; 24546193 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **123231052** |
| **Health Care 10.5%** | **Health Care 10.5%** | **Health Care 10.5%** |
| **Biotechnology 5.4%** | **Biotechnology 5.4%** | **Biotechnology 5.4%** |
| Ascendis Pharma A/S ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 421962 | &nbsp;&nbsp; 89979177 |
| **Health Care Equipment & Supplies 2.2%** | **Health Care Equipment & Supplies 2.2%** | **Health Care Equipment & Supplies 2.2%** |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 27810 | &nbsp;&nbsp; 18814299 |
| Insulet Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 64430 | &nbsp;&nbsp; 18313583 |
| Total |  | &nbsp;&nbsp; 37127882 |
| **Pharmaceuticals 2.9%** | **Pharmaceuticals 2.9%** | **Pharmaceuticals 2.9%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 45485 | &nbsp;&nbsp; 48881820 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **175988879** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Industrials 17.9%** | **Industrials 17.9%** | **Industrials 17.9%** |
| **Aerospace & Defense 6.1%** | **Aerospace & Defense 6.1%** | **Aerospace & Defense 6.1%** |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 86590 | &nbsp;&nbsp; 49177059 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 262290 | &nbsp;&nbsp; 53774696 |
| Total |  | &nbsp;&nbsp; 102951755 |
| **Construction & Engineering 5.8%** | **Construction & Engineering 5.8%** | **Construction & Engineering 5.8%** |
| API Group Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 537370 | &nbsp;&nbsp; 20559776 |
| Comfort Systems U.S.A., Inc. | &nbsp;&nbsp; 56085 | &nbsp;&nbsp; 52343570 |
| Quanta Services, Inc. | &nbsp;&nbsp; 57703 | &nbsp;&nbsp; 24354128 |
| Total |  | &nbsp;&nbsp; 97257474 |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |
| GE Vernova, Inc. | &nbsp;&nbsp; 41190 | &nbsp;&nbsp; 26920548 |
| **Machinery 1.6%** | **Machinery 1.6%** | **Machinery 1.6%** |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 31270 | &nbsp;&nbsp; 27485079 |
| **Trading Companies & Distributors 2.8%** | **Trading Companies & Distributors 2.8%** | **Trading Companies & Distributors 2.8%** |
| FTAI Aviation Ltd. | &nbsp;&nbsp; 235770 | &nbsp;&nbsp; 46411325 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **301026181** |
| **Information Technology 42.4%** | **Information Technology 42.4%** | **Information Technology 42.4%** |
| **Electronic Equipment, Instruments & Components 1.7%** | **Electronic Equipment, Instruments & Components 1.7%** | **Electronic Equipment, Instruments & Components 1.7%** |
| Coherent Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 155830 | &nbsp;&nbsp; 28761543 |
| **IT Services 1.5%** | **IT Services 1.5%** | **IT Services 1.5%** |
| Snowflake, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 119390 | &nbsp;&nbsp; 26189391 |
| **Semiconductors & Semiconductor Equipment 18.5%** | **Semiconductors & Semiconductor Equipment 18.5%** | **Semiconductors & Semiconductor Equipment 18.5%** |
| Broadcom, Inc. | &nbsp;&nbsp; 223040 | &nbsp;&nbsp; 77194144 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 171980 | &nbsp;&nbsp; 14614860 |
| NVIDIA Corp. | &nbsp;&nbsp; 1028410 | &nbsp;&nbsp; 191798465 |
| Taiwan Semiconductor Manufacturing Co., Ltd., <br> ADR<br>| &nbsp;&nbsp; 89720 | &nbsp;&nbsp; 27265011 |
| Total |  | &nbsp;&nbsp; 310872480 |
| **Software 12.9%** | **Software 12.9%** | **Software 12.9%** |
| Atlassian Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 154190 | &nbsp;&nbsp; 25000367 |
| Microsoft Corp. | &nbsp;&nbsp; 296622 | &nbsp;&nbsp; 143452332 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 91590 | &nbsp;&nbsp; 16280122 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 206350 | &nbsp;&nbsp; 31610756 |
| Total |  | &nbsp;&nbsp; 216343577 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Technology Hardware, Storage & Peripherals 7.8%** | **Technology Hardware, Storage & Peripherals 7.8%** | **Technology Hardware, Storage & Peripherals 7.8%** |
| Apple, Inc. | &nbsp;&nbsp; 480520 | &nbsp;&nbsp; 130634167 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **712801158** |
| Total Common Stocks <br>(Cost $1,270,647,969) | Total Common Stocks <br>(Cost $1,270,647,969) | &nbsp;&nbsp; **1674831204** |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 7490039 | &nbsp;&nbsp; 7487792 |
| Total Money Market Funds <br>(Cost $7,487,792) | Total Money Market Funds <br>(Cost $7,487,792) | &nbsp;&nbsp; **7487792** |
| **Total Investments in Securities** <br>**(Cost: $1,278,135,761)** | **Total Investments in Securities** <br>**(Cost: $1,278,135,761)** | &nbsp;&nbsp; **1682318996** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(1713028)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1680605968** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 33232265 | &nbsp;&nbsp; 819603482 | &nbsp;&nbsp; (845347955)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7487792 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 1408983 | &nbsp;&nbsp; 7490039 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 194835529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194835529 |
| Consumer Discretionary | 166948405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166948405 |
| Financials | 123231052 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123231052 |
| Health Care | 175988879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 175988879 |
| Industrials | 301026181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 301026181 |
| Information Technology | 712801158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 712801158 |
| Total Common Stocks | 1674831204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1674831204 |
| Money Market Funds | 7487792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7487792 |
| Total Investments in Securities | 1682318996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1682318996 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,270,647,969) | $1674831204 |
| Affiliated issuers (cost $7,487,792) | 7487792 |
| Receivable for: |  |
| Capital shares sold | 2960 |
| Dividends | 318304 |
| Prepaid expenses | 7212 |
| Total assets | 1682647472 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 1771248 |
| Management services fees | 31454 |
| Distribution and/or service fees | 231 |
| Service fees | 2157 |
| Compensation of chief compliance officer | 283 |
| Compensation of board members | 1236 |
| Other expenses | 28150 |
| Deferred compensation of board members | 206745 |
| Total liabilities | 2041504 |
| **Net assets applicable to outstanding capital stock** | **$1680605968** |
| **Represented by** |  |
| Trust capital | $1680605968 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1680605968** |
| **Class 1** |  |
| Net assets | $1647113373 |
| Shares outstanding | 23780658 |
| Net asset value per share | $69.26 |
| **Class 2** |  |
| Net assets | $33492595 |
| Shares outstanding | 503183 |
| Net asset value per share | $66.56 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $6150511 |
| Dividends — affiliated issuers | 1408983 |
| Interfund lending | 2681 |
| Foreign taxes withheld | (53036)<br>|
| Total income | 7509139 |
| Expenses: |  |
| Management services fees | 11628327 |
| Distribution and/or service fees |  |
| Class 2 | 78847 |
| Service fees | 24198 |
| Custodian fees | 6465 |
| Printing and postage fees | 11508 |
| Accounting services fees | 32423 |
| Legal fees | 45999 |
| Interest on interfund lending | 69 |
| Compensation of chief compliance officer | 252 |
| Compensation of board members | 29393 |
| Deferred compensation of board members | 32463 |
| Other | 94306 |
| Total expenses | 11984250 |
| **Net investment loss** | (4475111)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 159208084 |
| Investments — affiliated issuers | 673 |
| Net realized gain | 159208757 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 124924716 |
| Net change in unrealized appreciation (depreciation) | 124924716 |
| Net realized and unrealized gain | 284133473 |
| **Net increase in net assets resulting from operations** | **$279658362** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income (loss) | $(4475111)<br>| &nbsp;&nbsp; $36497 |
| Net realized gain | 159208757 | &nbsp;&nbsp; 44481588 |
| Net change in unrealized appreciation (depreciation) | 124924716 | &nbsp;&nbsp; 260424233 |
| Net increase in net assets resulting from operations | 279658362 | &nbsp;&nbsp; 304942318 |
| Increase (decrease) in net assets from capital stock activity | (402214571)<br>| &nbsp;&nbsp; 1404208616 |
| Total increase (decrease) in net assets | (122556209)<br>| &nbsp;&nbsp; 1709150934 |
| Net assets at beginning of year | 1803162177 | &nbsp;&nbsp; 94011243 |
| **Net assets at end of year** | **$1680605968** | &nbsp;&nbsp; **$1803162177** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 88102 | &nbsp;&nbsp;&nbsp;&nbsp; 5061192 | &nbsp;&nbsp;&nbsp;&nbsp; 33011513 | &nbsp;&nbsp;&nbsp;&nbsp; 1663755332 |
| Shares redeemed | (6303176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (404108151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4419819)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (254947517)<br>|
| Net increase (decrease) | (6215074)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (399046959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28591694 | &nbsp;&nbsp;&nbsp;&nbsp; 1408807815 |
| Class 2 |  |  |  |  |
| Shares sold | 25144 | &nbsp;&nbsp;&nbsp;&nbsp; 1506426 | &nbsp;&nbsp;&nbsp;&nbsp; 18986 | &nbsp;&nbsp;&nbsp;&nbsp; 909288 |
| Shares redeemed | (77388)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4674038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5508487)<br>|
| Net decrease | (52244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3167612)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (91979)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4599199)<br>|
| **Total net increase (decrease)** | **(6267318)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(402214571)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **28499715** | &nbsp;&nbsp;&nbsp;&nbsp; **1404208616** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $59.06<br>| &nbsp;&nbsp; (0.16) <br>| 10.36<br>| 10.20<br>|
| Year Ended 12/31/2024 | $46.32<br>| 0.01<br>| 12.73<br>| 12.74<br>|
| Year Ended 12/31/2023 | $35.36<br>| &nbsp;&nbsp; (0.03) <br>| 10.99<br>| 10.96<br>|
| Year Ended 12/31/2022 | $60.00<br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (24.57) <br>| &nbsp;&nbsp; (24.64) <br>|
| Year Ended 12/31/2021 | $62.57<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; (2.21) <br>| &nbsp;&nbsp; (2.57) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $56.90<br>| &nbsp;&nbsp; (0.30) <br>| 9.96<br>| 9.66<br>|
| Year Ended 12/31/2024 | $44.75<br>| &nbsp;&nbsp; (0.19) <br>| 12.34<br>| 12.15<br>|
| Year Ended 12/31/2023 | $34.26<br>| &nbsp;&nbsp; (0.09) <br>| 10.58<br>| 10.49<br>|
| Year Ended 12/31/2022 | $58.28<br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (23.85) <br>| &nbsp;&nbsp; (24.02) <br>|
| Year Ended 12/31/2021 | $60.93<br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (2.14) <br>| &nbsp;&nbsp; (2.65) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $69.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1647113<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $59.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 106%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1771559<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $46.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65041<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $35.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41.07%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1183777<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $60.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.11%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1941145<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $66.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33493<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $56.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 106%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31603<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $44.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28970<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $34.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41.21%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24065<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $58.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.35%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $45239<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.71% to 0.53% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.68% of the Fund's average daily net assets.

**Subadvisory agreement**

The Investment Manager has entered into a Subadvisory Agreement with Westfield Capital Management Company, L.P. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,158,854,906 and $1,536,944,711, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Brokerage commissions paid to brokers affiliated with the Investment Manager of the Fund were $0 for the year ended December 31, 2025.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Lender | 2475000 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |

---

Interest income earned and interest expense incurred by the Fund are recorded as Interfund lending and Interest on interfund lending, respectively, in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP – Westfield Select Large Cap Growth Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – Westfield Select Large Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund \| 2025

------

**CTIVP**<sup>®</sup> **– Westfield Select Large Cap Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img5fa968b62.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7035_12_E01_(02/26)

------

![](g245812imgfe41cb1d1.jpg)

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_8c86a43b-abff-40d3-ada2-93b8b1fc5a11_POI-CommonContent-Date-313_1) | 3 |
| [Statement of Assets and Liabilities](#xx_8c86a43b-abff-40d3-ada2-93b8b1fc5a11_FS-CommonContent-Date-313_1) | 7 |
| [Statement of Operations](#xx_8c86a43b-abff-40d3-ada2-93b8b1fc5a11_FS-CommonContent-Date-313_2) | 8 |
| [Statement of Changes in Net Assets](#xx_8c86a43b-abff-40d3-ada2-93b8b1fc5a11_FS-CommonContent-Date-313_3) | 9 |
| [Financial Highlights](#xx_8c86a43b-abff-40d3-ada2-93b8b1fc5a11_FIHI-CommonContent-Date-313_1) | 10 |
| [Notes to Financial Statements](#xx_8c86a43b-abff-40d3-ada2-93b8b1fc5a11_NTF-CommonContent-Date-313_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_8c86a43b-abff-40d3-ada2-93b8b1fc5a11_AUD-CommonContent-Date-313_1) | 19 |

---

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.3%** | **Common Stocks 99.3%** | **Common Stocks 99.3%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 3.3%** | **Communication Services 3.3%** | **Communication Services 3.3%** |
| **Entertainment 3.3%** | **Entertainment 3.3%** | **Entertainment 3.3%** |
| Live Nation Entertainment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 44450 | &nbsp;&nbsp; 6334125 |
| Roblox Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 25680 | &nbsp;&nbsp; 2080850 |
| Total |  | &nbsp;&nbsp; 8414975 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **8414975** |
| **Consumer Discretionary 17.5%** | **Consumer Discretionary 17.5%** | **Consumer Discretionary 17.5%** |
| **Hotels, Restaurants & Leisure 8.9%** | **Hotels, Restaurants & Leisure 8.9%** | **Hotels, Restaurants & Leisure 8.9%** |
| DoorDash, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 24330 | &nbsp;&nbsp; 5510258 |
| DraftKings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 137535 | &nbsp;&nbsp; 4739456 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 20530 | &nbsp;&nbsp; 5897243 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 23130 | &nbsp;&nbsp; 6451420 |
| Total |  | &nbsp;&nbsp; 22598377 |
| **Household Durables 1.6%** | **Household Durables 1.6%** | **Household Durables 1.6%** |
| Garmin Ltd. | &nbsp;&nbsp; 19230 | &nbsp;&nbsp; 3900806 |
| **Specialty Retail 4.4%** | **Specialty Retail 4.4%** | **Specialty Retail 4.4%** |
| AutoZone, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 6138615 |
| Burlington Stores, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17430 | &nbsp;&nbsp; 5034655 |
| Total |  | &nbsp;&nbsp; 11173270 |
| **Textiles, Apparel & Luxury Goods 2.6%** | **Textiles, Apparel & Luxury Goods 2.6%** | **Textiles, Apparel & Luxury Goods 2.6%** |
| Tapestry, Inc. | &nbsp;&nbsp; 51520 | &nbsp;&nbsp; 6582710 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **44255163** |
| **Energy 2.0%** | **Energy 2.0%** | **Energy 2.0%** |
| **Oil, Gas & Consumable Fuels 2.0%** | **Oil, Gas & Consumable Fuels 2.0%** | **Oil, Gas & Consumable Fuels 2.0%** |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 20160 | &nbsp;&nbsp; 3030653 |
| Targa Resources Corp. | &nbsp;&nbsp; 11360 | &nbsp;&nbsp; 2095920 |
| Total |  | &nbsp;&nbsp; 5126573 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5126573** |
| **Financials 12.6%** | **Financials 12.6%** | **Financials 12.6%** |
| **Banks 2.1%** | **Banks 2.1%** | **Banks 2.1%** |
| Fifth Third Bancorp | &nbsp;&nbsp; 111570 | &nbsp;&nbsp; 5222592 |
| **Capital Markets 9.5%** | **Capital Markets 9.5%** | **Capital Markets 9.5%** |
| Ares Management Corp., Class A | &nbsp;&nbsp; 42720 | &nbsp;&nbsp; 6904834 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 15090 | &nbsp;&nbsp; 5389695 |
| Moody's Corp. | &nbsp;&nbsp; 6790 | &nbsp;&nbsp; 3468671 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| MSCI, Inc. | &nbsp;&nbsp; 10892 | &nbsp;&nbsp; 6249067 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 17880 | &nbsp;&nbsp; 2022228 |
| Total |  | &nbsp;&nbsp; 24034495 |
| **Insurance 1.0%** | **Insurance 1.0%** | **Insurance 1.0%** |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 10195 | &nbsp;&nbsp; 2638364 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **31895451** |
| **Health Care 15.6%** | **Health Care 15.6%** | **Health Care 15.6%** |
| **Biotechnology 7.3%** | **Biotechnology 7.3%** | **Biotechnology 7.3%** |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5130 | &nbsp;&nbsp; 2039944 |
| Ascendis Pharma A/S ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 40390 | &nbsp;&nbsp; 8612763 |
| Legend Biotech Corp., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 55290 | &nbsp;&nbsp; 1202005 |
| Natera, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22340 | &nbsp;&nbsp; 5117871 |
| Revolution Medicines, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 21280 | &nbsp;&nbsp; 1694952 |
| Total |  | &nbsp;&nbsp; 18667535 |
| **Health Care Equipment & Supplies 6.0%** | **Health Care Equipment & Supplies 6.0%** | **Health Care Equipment & Supplies 6.0%** |
| DexCom, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 60990 | &nbsp;&nbsp; 4047906 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5789 | &nbsp;&nbsp; 3916432 |
| Insulet Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15838 | &nbsp;&nbsp; 4501793 |
| Masimo Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20780 | &nbsp;&nbsp; 2702647 |
| Total |  | &nbsp;&nbsp; 15168778 |
| **Health Care Providers & Services 2.3%** | **Health Care Providers & Services 2.3%** | **Health Care Providers & Services 2.3%** |
| Cencora, Inc. | &nbsp;&nbsp; 17210 | &nbsp;&nbsp; 5812678 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **39648991** |
| **Industrials 27.5%** | **Industrials 27.5%** | **Industrials 27.5%** |
| **Aerospace & Defense 10.7%** | **Aerospace & Defense 10.7%** | **Aerospace & Defense 10.7%** |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17206 | &nbsp;&nbsp; 9771804 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 68120 | &nbsp;&nbsp; 13965962 |
| Rocket Lab Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47800 | &nbsp;&nbsp; 3334528 |
| Total |  | &nbsp;&nbsp; 27072294 |
| **Building Products 0.9%** | **Building Products 0.9%** | **Building Products 0.9%** |
| Trane Technologies PLC | &nbsp;&nbsp; 5880 | &nbsp;&nbsp; 2288496 |
| **Commercial Services & Supplies 1.1%** | **Commercial Services & Supplies 1.1%** | **Commercial Services & Supplies 1.1%** |
| Waste Connections, Inc. | &nbsp;&nbsp; 16230 | &nbsp;&nbsp; 2846093 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Construction & Engineering 3.0%** | **Construction & Engineering 3.0%** | **Construction & Engineering 3.0%** |
| Comfort Systems U.S.A., Inc. | &nbsp;&nbsp; 3546 | &nbsp;&nbsp; 3309446 |
| Quanta Services, Inc. | &nbsp;&nbsp; 10140 | &nbsp;&nbsp; 4279689 |
| Total |  | &nbsp;&nbsp; 7589135 |
| **Electrical Equipment 9.1%** | **Electrical Equipment 9.1%** | **Electrical Equipment 9.1%** |
| AMETEK, Inc. | &nbsp;&nbsp; 20160 | &nbsp;&nbsp; 4139050 |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 12425 | &nbsp;&nbsp; 4834195 |
| Vertiv Holdings Co. | &nbsp;&nbsp; 86940 | &nbsp;&nbsp; 14085149 |
| Total |  | &nbsp;&nbsp; 23058394 |
| **Ground Transportation 2.7%** | **Ground Transportation 2.7%** | **Ground Transportation 2.7%** |
| CSX Corp. | &nbsp;&nbsp; 95590 | &nbsp;&nbsp; 3465137 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 18150 | &nbsp;&nbsp; 3527271 |
| Total |  | &nbsp;&nbsp; 6992408 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **69846820** |
| **Information Technology 17.0%** | **Information Technology 17.0%** | **Information Technology 17.0%** |
| **Electronic Equipment, Instruments & Components 0.8%** | **Electronic Equipment, Instruments & Components 0.8%** | **Electronic Equipment, Instruments & Components 0.8%** |
| Coherent Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11020 | &nbsp;&nbsp; 2033961 |
| **IT Services 5.3%** | **IT Services 5.3%** | **IT Services 5.3%** |
| Cloudflare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29750 | &nbsp;&nbsp; 5865212 |
| MongoDB, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9020 | &nbsp;&nbsp; 3785604 |
| Snowflake, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 17660 | &nbsp;&nbsp; 3873898 |
| Total |  | &nbsp;&nbsp; 13524714 |
| **Semiconductors & Semiconductor Equipment 2.4%** | **Semiconductors & Semiconductor Equipment 2.4%** | **Semiconductors & Semiconductor Equipment 2.4%** |
| Marvell Technology, Inc. | &nbsp;&nbsp; 35600 | &nbsp;&nbsp; 3025288 |
| Semtech Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41000 | &nbsp;&nbsp; 3021290 |
| Total |  | &nbsp;&nbsp; 6046578 |
| **Software 7.7%** | **Software 7.7%** | **Software 7.7%** |
| Atlassian Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 24560 | &nbsp;&nbsp; 3982158 |
| Fair Isaac Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2397 | &nbsp;&nbsp; 4052416 |
| HubSpot, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9690 | &nbsp;&nbsp; 3888597 |
| Samsara, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 111230 | &nbsp;&nbsp; 3943104 |
| Zscaler, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16110 | &nbsp;&nbsp; 3623461 |
| Total |  | &nbsp;&nbsp; 19489736 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Technology Hardware, Storage & Peripherals 0.8%** | **Technology Hardware, Storage & Peripherals 0.8%** | **Technology Hardware, Storage & Peripherals 0.8%** |
| Pure Storage, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 30250 | &nbsp;&nbsp; 2027053 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **43122042** |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| **Construction Materials 1.6%** | **Construction Materials 1.6%** | **Construction Materials 1.6%** |
| Vulcan Materials Co. | &nbsp;&nbsp; 14530 | &nbsp;&nbsp; 4144247 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4144247** |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| **Independent Power and Renewable Electricity Producers 2.2%** | **Independent Power and Renewable Electricity Producers 2.2%** | **Independent Power and Renewable Electricity Producers 2.2%** |
| Vistra Corp. | &nbsp;&nbsp; 34260 | &nbsp;&nbsp; 5527166 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5527166** |
| Total Common Stocks <br>(Cost $209,778,404) | Total Common Stocks <br>(Cost $209,778,404) | &nbsp;&nbsp; **251981428** |
| **Money Market Funds 0.8%** | **Money Market Funds 0.8%** | **Money Market Funds 0.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 2036142 | &nbsp;&nbsp; 2035531 |
| Total Money Market Funds <br>(Cost $2,035,714) | Total Money Market Funds <br>(Cost $2,035,714) | &nbsp;&nbsp; **2035531** |
| **Total Investments in Securities** <br>**(Cost: $211,814,118)** | **Total Investments in Securities** <br>**(Cost: $211,814,118)** | &nbsp;&nbsp; **254016959** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(303870)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **253713089** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 5628522 | &nbsp;&nbsp; 110463644 | &nbsp;&nbsp; (114056452)<br>| &nbsp;&nbsp; (183)<br>| &nbsp;&nbsp; 2035531 | &nbsp;&nbsp; (2014)<br>| &nbsp;&nbsp; 216850 | &nbsp;&nbsp; 2036142 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 8414975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8414975 |
| Consumer Discretionary | 44255163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44255163 |
| Energy | 5126573 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5126573 |
| Financials | 31895451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31895451 |
| Health Care | 39648991 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39648991 |
| Industrials | 69846820 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69846820 |
| Information Technology | 43122042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43122042 |
| Materials | 4144247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4144247 |
| Utilities | 5527166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5527166 |
| Total Common Stocks | 251981428 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251981428 |
| Money Market Funds | 2035531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2035531 |
| Total Investments in Securities | 254016959 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 254016959 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $209,778,404) | $251981428 |
| Affiliated issuers (cost $2,035,714) | 2035531 |
| Receivable for: |  |
| Capital shares sold | 16280 |
| Dividends | 77119 |
| Expense reimbursement due from Investment Manager | 274 |
| Prepaid expenses | 3754 |
| Total assets | 254114386 |
| **Liabilities** |  |
| Due to custodian | 1945 |
| Payable for: |  |
| Capital shares redeemed | 245085 |
| Management services fees | 5688 |
| Distribution and/or service fees | 247 |
| Service fees | 2038 |
| Compensation of chief compliance officer | 49 |
| Compensation of board members | 579 |
| Other expenses | 26176 |
| Deferred compensation of board members | 119490 |
| Total liabilities | 401297 |
| **Net assets applicable to outstanding capital stock** | **$253713089** |
| **Represented by** |  |
| Trust capital | $253713089 |
| **Total - representing net assets applicable to outstanding capital stock** | **$253713089** |
| **Class 1** |  |
| Net assets | $217986533 |
| Shares outstanding | 3758836 |
| Net asset value per share | $57.99 |
| **Class 2** |  |
| Net assets | $35726556 |
| Shares outstanding | 641381 |
| Net asset value per share | $55.70 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $1104502 |
| Dividends — affiliated issuers | 216850 |
| Foreign taxes withheld | (5481)<br>|
| Total income | 1315871 |
| Expenses: |  |
| Management services fees | 2405285 |
| Distribution and/or service fees |  |
| Class 2 | 88999 |
| Service fees | 25061 |
| Custodian fees | 17051 |
| Printing and postage fees | 13341 |
| Accounting services fees | 32423 |
| Legal fees | 22388 |
| Interest on interfund lending | 66 |
| Compensation of chief compliance officer | 44 |
| Compensation of board members | 14212 |
| Deferred compensation of board members | 18251 |
| Other | 12464 |
| Total expenses | 2649585 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (125123)<br>|
| Total net expenses | 2524462 |
| **Net investment loss** | (1208591)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 57195856 |
| Investments — affiliated issuers | (2014)<br>|
| Net realized gain | 57193842 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (25308478)<br>|
| Investments — affiliated issuers | (183)<br>|
| Net change in unrealized appreciation (depreciation) | (25308661)<br>|
| Net realized and unrealized gain | 31885181 |
| **Net increase in net assets resulting from operations** | **$30676590** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment loss | $(1208591)<br>| &nbsp;&nbsp; $(710844)<br>|
| Net realized gain | 57193842 | &nbsp;&nbsp; 43019854 |
| Net change in unrealized appreciation (depreciation) | (25308661)<br>| &nbsp;&nbsp; 10108105 |
| Net increase in net assets resulting from operations | 30676590 | &nbsp;&nbsp; 52417115 |
| Decrease in net assets from capital stock activity | (83119045)<br>| &nbsp;&nbsp; (79276732)<br>|
| Total decrease in net assets | (52442455)<br>| &nbsp;&nbsp; (26859617)<br>|
| Net assets at beginning of year | 306155544 | &nbsp;&nbsp; 333015161 |
| **Net assets at end of year** | **$253713089** | &nbsp;&nbsp; **$306155544** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 28053 | &nbsp;&nbsp;&nbsp;&nbsp; 1527482 | &nbsp;&nbsp;&nbsp;&nbsp; 143370 | &nbsp;&nbsp;&nbsp;&nbsp; 7619208 |
| Shares redeemed | (1424929)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (81561665)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1698532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83836775)<br>|
| Net decrease | (1396876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80034183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1555162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76217567)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 45678 | &nbsp;&nbsp;&nbsp;&nbsp; 2405032 | &nbsp;&nbsp;&nbsp;&nbsp; 46176 | &nbsp;&nbsp;&nbsp;&nbsp; 2084926 |
| Shares redeemed | (102730)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5489894)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5144091)<br>|
| Net decrease | (57052)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3084862)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64964)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3059165)<br>|
| **Total net decrease** | **(1453928)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(83119045)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1620126)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(79276732)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $52.53<br>| &nbsp;&nbsp; (0.21) <br>| 5.67<br>| 5.46<br>|
| Year Ended 12/31/2024 | $44.71<br>| &nbsp;&nbsp; (0.10) <br>| 7.92<br>| 7.82<br>|
| Year Ended 12/31/2023 | $35.63<br>| 0.06<br>| 9.02<br>| 9.08<br>|
| Year Ended 12/31/2022 | $47.89<br>| 0.02<br>| &nbsp;&nbsp; (12.28) <br>| &nbsp;&nbsp; (12.26) <br>|
| Year Ended 12/31/2021 | $41.03<br>| &nbsp;&nbsp; (0.14) <br>| 7.00<br>| 6.86<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $50.58<br>| &nbsp;&nbsp; (0.33) <br>| 5.45<br>| 5.12<br>|
| Year Ended 12/31/2024 | $43.16<br>| &nbsp;&nbsp; (0.21) <br>| 7.63<br>| 7.42<br>|
| Year Ended 12/31/2023 | $34.48<br>| &nbsp;&nbsp; (0.03) <br>| 8.71<br>| 8.68<br>|
| Year Ended 12/31/2022 | $46.46<br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (11.91) <br>| &nbsp;&nbsp; (11.98) <br>|
| Year Ended 12/31/2021 | $39.91<br>| &nbsp;&nbsp; (0.24) <br>| 6.79<br>| 6.55<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $57.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $217987<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $52.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $270828<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $44.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $300065<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $35.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25.60%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $291820<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $47.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $391573<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $55.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35727<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $50.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35327<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $43.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32950<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $34.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25.79%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26110<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $46.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34861<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.81% to 0.68% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.81% of the Fund's average daily net assets.

**Subadvisory agreement**

The Investment Manager has entered into a Subadvisory Agreement with Westfield Capital Management Company, L.P. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $233,699,679 and $313,610,723, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Brokerage commissions paid to brokers affiliated with the Investment Manager of the Fund were $4,215 for the year ended December 31, 2025.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP – Westfield Mid Cap Growth Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – Westfield Mid Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund \| 2025

------

**CTIVP**<sup>®</sup> **– Westfield Mid Cap Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img499a03282.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7040_12_E01_(02/26)

------

![](g245812img911252591.jpg)

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_0596adf1-c070-4413-a1fe-d8837cd8bc8a_POI-CommonContent-Date-320_1) | 3 |
| [Statement of Assets and Liabilities](#xx_0596adf1-c070-4413-a1fe-d8837cd8bc8a_FS-CommonContent-Date-320_1) | 6 |
| [Statement of Operations](#xx_0596adf1-c070-4413-a1fe-d8837cd8bc8a_FS-CommonContent-Date-320_2) | 7 |
| [Statement of Changes in Net Assets](#xx_0596adf1-c070-4413-a1fe-d8837cd8bc8a_FS-CommonContent-Date-320_3) | 8 |
| [Financial Highlights](#xx_0596adf1-c070-4413-a1fe-d8837cd8bc8a_FIHI-CommonContent-Date-320_2) | 10 |
| [Notes to Financial Statements](#xx_0596adf1-c070-4413-a1fe-d8837cd8bc8a_NTF-CommonContent-Date-320_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_0596adf1-c070-4413-a1fe-d8837cd8bc8a_AUD-CommonContent-Date-320_1) | 19 |
| [Federal Income Tax Information](#xx_0596adf1-c070-4413-a1fe-d8837cd8bc8a_CCH-CommonContent-Date-320_1) | 20 |

---

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.2%** | **Common Stocks 99.2%** | **Common Stocks 99.2%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 99.2%** | **Real Estate 99.2%** | **Real Estate 99.2%** |
| **Data Center REITs 11.5%** | **Data Center REITs 11.5%** | **Data Center REITs 11.5%** |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 42210 | &nbsp;&nbsp; 6530309 |
| Equinix, Inc. | &nbsp;&nbsp; 13020 | &nbsp;&nbsp; 9975403 |
| **Total** | **Total** | &nbsp;&nbsp; **16505712** |
| **Diversified REITs 1.4%** | **Diversified REITs 1.4%** | **Diversified REITs 1.4%** |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp; 55160 | &nbsp;&nbsp; 958129 |
| Federal Realty Investment Trust | &nbsp;&nbsp; 10790 | &nbsp;&nbsp; 1087632 |
| **Total** | **Total** | &nbsp;&nbsp; **2045761** |
| **Health Care REITs 22.0%** | **Health Care REITs 22.0%** | **Health Care REITs 22.0%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 21940 | &nbsp;&nbsp; 1073744 |
| American Healthcare REIT, Inc. | &nbsp;&nbsp; 42630 | &nbsp;&nbsp; 2006168 |
| Diversified Healthcare Trust | &nbsp;&nbsp; 68963 | &nbsp;&nbsp; 334470 |
| Healthcare Realty Trust, Inc. | &nbsp;&nbsp; 93950 | &nbsp;&nbsp; 1592452 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp; 77470 | &nbsp;&nbsp; 1245718 |
| National Health Investors, Inc. | &nbsp;&nbsp; 20200 | &nbsp;&nbsp; 1542674 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp; 55230 | &nbsp;&nbsp; 2448898 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp; 44150 | &nbsp;&nbsp; 836201 |
| Ventas, Inc. | &nbsp;&nbsp; 86530 | &nbsp;&nbsp; 6695691 |
| Welltower, Inc. | &nbsp;&nbsp; 74880 | &nbsp;&nbsp; 13898477 |
| **Total** | **Total** | &nbsp;&nbsp; **31674493** |
| **Hotel & Resort REITs 3.0%** | **Hotel & Resort REITs 3.0%** | **Hotel & Resort REITs 3.0%** |
| DiamondRock Hospitality Co. | &nbsp;&nbsp; 102690 | &nbsp;&nbsp; 920102 |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 121950 | &nbsp;&nbsp; 2162173 |
| RLJ Lodging Trust | &nbsp;&nbsp; 38310 | &nbsp;&nbsp; 285410 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; 5150 | &nbsp;&nbsp; 487293 |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp; 33190 | &nbsp;&nbsp; 296719 |
| Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp; 7179 | &nbsp;&nbsp; 101511 |
| **Total** | **Total** | &nbsp;&nbsp; **4253208** |
| **Industrial REITs 11.3%** | **Industrial REITs 11.3%** | **Industrial REITs 11.3%** |
| Americold Realty Trust, Inc. | &nbsp;&nbsp; 34520 | &nbsp;&nbsp; 443927 |
| EastGroup Properties, Inc. | &nbsp;&nbsp; 7030 | &nbsp;&nbsp; 1252324 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 35720 | &nbsp;&nbsp; 2045685 |
| Lineage, Inc. | &nbsp;&nbsp; 8550 | &nbsp;&nbsp; 299250 |
| Prologis, Inc. | &nbsp;&nbsp; 84820 | &nbsp;&nbsp; 10828121 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp; 36160 | &nbsp;&nbsp; 1400115 |
| **Total** | **Total** | &nbsp;&nbsp; **16269422** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Multi-Family Residential REITs 9.2%** | **Multi-Family Residential REITs 9.2%** | **Multi-Family Residential REITs 9.2%** |
| Camden Property Trust | &nbsp;&nbsp; 37790 | &nbsp;&nbsp; 4159923 |
| Equity Residential | &nbsp;&nbsp; 34260 | &nbsp;&nbsp; 2159751 |
| Essex Property Trust, Inc. | &nbsp;&nbsp; 7840 | &nbsp;&nbsp; 2051571 |
| UDR, Inc. | &nbsp;&nbsp; 131100 | &nbsp;&nbsp; 4808748 |
| **Total** | **Total** | &nbsp;&nbsp; **13179993** |
| **Office REITs 4.8%** | **Office REITs 4.8%** | **Office REITs 4.8%** |
| BXP, Inc. | &nbsp;&nbsp; 22130 | &nbsp;&nbsp; 1493332 |
| Cousins Properties, Inc. | &nbsp;&nbsp; 81058 | &nbsp;&nbsp; 2089675 |
| Douglas Emmett, Inc. | &nbsp;&nbsp; 35910 | &nbsp;&nbsp; 394651 |
| Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp; 72030 | &nbsp;&nbsp; 469636 |
| Piedmont Realty Trust, Inc. | &nbsp;&nbsp; 72480 | &nbsp;&nbsp; 604483 |
| SL Green Realty Corp. | &nbsp;&nbsp; 10040 | &nbsp;&nbsp; 460535 |
| Vornado Realty Trust | &nbsp;&nbsp; 40370 | &nbsp;&nbsp; 1343514 |
| **Total** | **Total** | &nbsp;&nbsp; **6855826** |
| **Other Specialized REITs 4.8%** | **Other Specialized REITs 4.8%** | **Other Specialized REITs 4.8%** |
| Iron Mountain, Inc. | &nbsp;&nbsp; 48120 | &nbsp;&nbsp; 3991554 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp; 4720 | &nbsp;&nbsp; 597458 |
| VICI Properties, Inc. | &nbsp;&nbsp; 82560 | &nbsp;&nbsp; 2321587 |
| **Total** | **Total** | &nbsp;&nbsp; **6910599** |
| **Retail REITs 17.9%** | **Retail REITs 17.9%** | **Retail REITs 17.9%** |
| Agree Realty Corp. | &nbsp;&nbsp; 41370 | &nbsp;&nbsp; 2979881 |
| Brixmor Property Group, Inc. | &nbsp;&nbsp; 150560 | &nbsp;&nbsp; 3947683 |
| InvenTrust Properties Corp. | &nbsp;&nbsp; 24490 | &nbsp;&nbsp; 690863 |
| Kimco Realty Corp. | &nbsp;&nbsp; 186890 | &nbsp;&nbsp; 3788260 |
| Kite Realty Group Trust | &nbsp;&nbsp; 112630 | &nbsp;&nbsp; 2699741 |
| Macerich Co. (The) | &nbsp;&nbsp; 84430 | &nbsp;&nbsp; 1558578 |
| NetSTREIT Corp. | &nbsp;&nbsp; 58430 | &nbsp;&nbsp; 1030705 |
| Realty Income Corp. | &nbsp;&nbsp; 75700 | &nbsp;&nbsp; 4267209 |
| Simon Property Group, Inc. | &nbsp;&nbsp; 25740 | &nbsp;&nbsp; 4764732 |
| **Total** | **Total** | &nbsp;&nbsp; **25727652** |
| **Self Storage REITs 7.7%** | **Self Storage REITs 7.7%** | **Self Storage REITs 7.7%** |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 43830 | &nbsp;&nbsp; 5707543 |
| Public Storage | &nbsp;&nbsp; 20680 | &nbsp;&nbsp; 5366460 |
| **Total** | **Total** | &nbsp;&nbsp; **11074003** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Single-Family Residential REITs 4.8%** | **Single-Family Residential REITs 4.8%** | **Single-Family Residential REITs 4.8%** |
| American Homes 4 Rent, Class A | &nbsp;&nbsp; 79080 | &nbsp;&nbsp; 2538468 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 32490 | &nbsp;&nbsp; 1969219 |
| Invitation Homes, Inc. | &nbsp;&nbsp; 87540 | &nbsp;&nbsp; 2432736 |
| **Total** | **Total** | &nbsp;&nbsp; **6940423** |
| **Telecom Tower REITs 0.8%** | **Telecom Tower REITs 0.8%** | **Telecom Tower REITs 0.8%** |
| American Tower Corp. | &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 661899 |
| Crown Castle, Inc. | &nbsp;&nbsp; 5770 | &nbsp;&nbsp; 512780 |
| **Total** | **Total** | &nbsp;&nbsp; **1174679** |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **142611771** |
| Total Common Stocks <br>(Cost: $127,537,301) | Total Common Stocks <br>(Cost: $127,537,301) | &nbsp;&nbsp; **142611771** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.8%** | **Money Market Funds 0.8%** | **Money Market Funds 0.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1118952 | &nbsp;&nbsp; 1118616 |
| Total Money Market Funds <br>(Cost: $1,118,609) | Total Money Market Funds <br>(Cost: $1,118,609) | &nbsp;&nbsp; **1118616** |
| **Total Investments in Securities** <br>**(Cost $128,655,910)** | **Total Investments in Securities** <br>**(Cost $128,655,910)** | &nbsp;&nbsp; **143730387** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(51447)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$143678940** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 1259630 | &nbsp;&nbsp; 12905278 | &nbsp;&nbsp; (13046328)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 1118616 | &nbsp;&nbsp; (92)<br>| &nbsp;&nbsp; 35319 | &nbsp;&nbsp; 1118952 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Real Estate | 142611771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142611771 |
| Total Common Stocks | 142611771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142611771 |
| Money Market Funds | 1118616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1118616 |
| Total Investments in Securities | 143730387 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143730387 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $127,537,301) | $142611771 |
| Affiliated issuers (cost $1,118,609) | 1118616 |
| Receivable for: |  |
| Investments sold | 124940 |
| Capital shares sold | 6769 |
| Dividends | 507320 |
| Prepaid expenses | 3054 |
| Total assets | 144372470 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 429524 |
| Capital shares redeemed | 142209 |
| Management services fees | 2979 |
| Distribution and/or service fees | 176 |
| Service fees | 1508 |
| Compensation of chief compliance officer | 24 |
| Compensation of board members | 500 |
| Other expenses | 22930 |
| Deferred compensation of board members | 93680 |
| Total liabilities | 693530 |
| **Net assets applicable to outstanding capital stock** | **$143678940** |
| **Represented by** |  |
| Paid in capital | 126347693 |
| Total distributable earnings (loss) | 17331247 |
| **Total - representing net assets applicable to outstanding capital stock** | **$143678940** |
| **Class 1** |  |
| Net assets | $118254158 |
| Shares outstanding | 18437764 |
| Net asset value per share | $6.41 |
| **Class 2** |  |
| Net assets | $25424782 |
| Shares outstanding | 4009222 |
| Net asset value per share | $6.34 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $4477712 |
| Dividends — affiliated issuers | 35319 |
| Total income | 4513031 |
| Expenses: |  |
| Management services fees | 1074050 |
| Distribution and/or service fees |  |
| Class 2 | 65079 |
| Service fees | 18139 |
| Custodian fees | 6744 |
| Printing and postage fees | 11536 |
| Accounting services fees | 32423 |
| Legal fees | 19790 |
| Compensation of chief compliance officer | 16 |
| Compensation of board members | 12519 |
| Deferred compensation of board members | 14528 |
| Other | 12274 |
| Total expenses | 1267098 |
| **Net investment income** | 3245933 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 1131434 |
| Investments — affiliated issuers | (92)<br>|
| Net realized gain | 1131342 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (1122646)<br>|
| Investments — affiliated issuers | 36 |
| Net change in unrealized appreciation (depreciation) | (1122610)<br>|
| Net realized and unrealized gain | 8732 |
| **Net increase in net assets resulting from operations** | **$3254665** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $3245933 | &nbsp;&nbsp; $4135435 |
| Net realized gain | 1131342 | &nbsp;&nbsp; 10834828 |
| Net change in unrealized appreciation (depreciation) | (1122610)<br>| &nbsp;&nbsp; 7327523 |
| Net increase in net assets resulting from operations | 3254665 | &nbsp;&nbsp; 22297786 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (9375618)<br>| &nbsp;&nbsp; (4352023)<br>|
| Class 2 | (2048858)<br>| &nbsp;&nbsp; (618277)<br>|
| Total distributions to shareholders | (11424476)<br>| &nbsp;&nbsp; (4970300)<br>|
| Increase (decrease) in net assets from capital stock activity | 8067783 | &nbsp;&nbsp; (69729524)<br>|
| Total decrease in net assets | (102028)<br>| &nbsp;&nbsp; (52402038)<br>|
| Net assets at beginning of year | 143780968 | &nbsp;&nbsp; 196183006 |
| **Net assets at end of year** | **$143678940** | &nbsp;&nbsp; **$143780968** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 194554 | &nbsp;&nbsp;&nbsp;&nbsp; 1291952 | &nbsp;&nbsp;&nbsp;&nbsp; 143080 | &nbsp;&nbsp;&nbsp;&nbsp; 919197 |
| Distributions reinvested | 1488193 | &nbsp;&nbsp;&nbsp;&nbsp; 9375618 | &nbsp;&nbsp;&nbsp;&nbsp; 658400 | &nbsp;&nbsp;&nbsp;&nbsp; 4352023 |
| Shares redeemed | (431772)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2921309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10412404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73477388)<br>|
| Net increase (decrease) | 1250975 | &nbsp;&nbsp;&nbsp;&nbsp; 7746261 | &nbsp;&nbsp;&nbsp;&nbsp; (9610924)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (68206168)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 257660 | &nbsp;&nbsp;&nbsp;&nbsp; 1715234 | &nbsp;&nbsp;&nbsp;&nbsp; 186477 | &nbsp;&nbsp;&nbsp;&nbsp; 1230791 |
| Distributions reinvested | 328343 | &nbsp;&nbsp;&nbsp;&nbsp; 2048858 | &nbsp;&nbsp;&nbsp;&nbsp; 94393 | &nbsp;&nbsp;&nbsp;&nbsp; 618277 |
| Shares redeemed | (527073)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3442570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (518190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3372424)<br>|
| Net increase (decrease) | 58930 | &nbsp;&nbsp;&nbsp;&nbsp; 321522 | &nbsp;&nbsp;&nbsp;&nbsp; (237320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1523356)<br>|
| **Total net increase (decrease)** | **1309905** | &nbsp;&nbsp;&nbsp;&nbsp; **8067783** | &nbsp;&nbsp;&nbsp;&nbsp; **(9848244)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(69729524)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $6.82<br>| 0.15<br>| &nbsp;&nbsp; (0.01 )<sup>(c)</sup><br>| 0.14<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.55) <br>|
| Year Ended 12/31/2024 | $6.34<br>| 0.14<br>| 0.51<br>| 0.65<br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.17) <br>|
| Year Ended 12/31/2023 | $6.10<br>| 0.16<br>| 0.65<br>| 0.81<br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (0.57) <br>|
| Year Ended 12/31/2022 | $10.08<br>| 0.14<br>| &nbsp;&nbsp; (2.32) <br>| &nbsp;&nbsp; (2.18) <br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (1.66) <br>| &nbsp;&nbsp; (1.80) <br>|
| Year Ended 12/31/2021 | $7.94<br>| 0.11<br>| 3.07<br>| 3.18<br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (1.04) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $6.74<br>| 0.13<br>| 0.00<br>| 0.13<br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.53) <br>|
| Year Ended 12/31/2024 | $6.28<br>| 0.13<br>| 0.48<br>| 0.61<br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.15) <br>|
| Year Ended 12/31/2023 | $6.04<br>| 0.14<br>| 0.65<br>| 0.79<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (0.55) <br>|
| Year Ended 12/31/2022 | $10.00<br>| 0.12<br>| &nbsp;&nbsp; (2.30) <br>| &nbsp;&nbsp; (2.18) <br>| &nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp; (1.66) <br>| &nbsp;&nbsp; (1.78) <br>|
| Year Ended 12/31/2021 | $7.88<br>| 0.09<br>| 3.05<br>| 3.14<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (1.02) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $6.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $118254<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $6.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $117137<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $6.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $169900<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $6.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.12%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $158574<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $229250<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $6.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25425<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $6.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26644<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $6.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26283<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $6.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24.33%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26266<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35012<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are recorded on the ex-dividend date.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Distributions to subaccounts**

Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.75% to 0.66% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.75% of the Fund's average daily net assets.

**Subadvisory agreement**

The Investment Manager has entered into a Subadvisory Agreement with CenterSquare Investment Management LLC to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, re-characterization of distributions for investments , trustees' deferred compensation and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| (27156)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 7975952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3448524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11424476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4970300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4970300 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 3207771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13723244 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 130007143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19209385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5486141)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13723244 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $47,198,264 and $45,603,649, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Brokerage commissions paid to brokers affiliated with the Investment Manager of the Fund were $1,786 for the year ended December 31, 2025.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP – CenterSquare Real Estate Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – CenterSquare Real Estate Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| |
|:---|
| **Capital** <br>**gain** <br>**dividend**<br>|
| $571094 |

---

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, of which $346,278 was subject to a long term capital gains tax rate of not greater than 20% and $224,816 to a long term capital gains tax rate of not greater than 25%.

CTIVP<sup>®</sup> – CenterSquare Real Estate Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**CTIVP**<sup>®</sup> **– CenterSquare Real Estate Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img5dc43ad62.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7030_12_E01_(02/26)

------

![](g245812imgc24e2fdb1.jpg)

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_3b7107e7-e9a3-4eb5-861b-6831f5f7adae_POI-CommonContent-Date-323_1) | 3 |
| [Statement of Assets and Liabilities](#xx_3b7107e7-e9a3-4eb5-861b-6831f5f7adae_FS-CommonContent-Date-323_1) | 7 |
| [Statement of Operations](#xx_3b7107e7-e9a3-4eb5-861b-6831f5f7adae_FS-CommonContent-Date-323_2) | 8 |
| [Statement of Changes in Net Assets](#xx_3b7107e7-e9a3-4eb5-861b-6831f5f7adae_FS-CommonContent-Date-323_3) | 9 |
| [Financial Highlights](#xx_3b7107e7-e9a3-4eb5-861b-6831f5f7adae_FIHI-CommonContent-Date-323_1) | 10 |
| [Notes to Financial Statements](#xx_3b7107e7-e9a3-4eb5-861b-6831f5f7adae_NTF-CommonContent-Date-323_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_3b7107e7-e9a3-4eb5-861b-6831f5f7adae_AUD-CommonContent-Date-323_1) | 19 |

---

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.6%** | **Common Stocks 99.6%** | **Common Stocks 99.6%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 7.7%** | **Communication Services 7.7%** | **Communication Services 7.7%** |
| **Entertainment 0.9%** | **Entertainment 0.9%** | **Entertainment 0.9%** |
| Walt Disney Co. (The) | &nbsp;&nbsp; 161916 | &nbsp;&nbsp; 18421183 |
| **Interactive Media & Services 5.1%** | **Interactive Media & Services 5.1%** | **Interactive Media & Services 5.1%** |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 296365 | &nbsp;&nbsp; 92999337 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 19157 | &nbsp;&nbsp; 12645344 |
| Total |  | &nbsp;&nbsp; 105644681 |
| **Media 0.7%** | **Media 0.7%** | **Media 0.7%** |
| News Corp., Class A | &nbsp;&nbsp; 531982 | &nbsp;&nbsp; 13895370 |
| **Wireless Telecommunication Services 1.0%** | **Wireless Telecommunication Services 1.0%** | **Wireless Telecommunication Services 1.0%** |
| T-Mobile US, Inc. | &nbsp;&nbsp; 107000 | &nbsp;&nbsp; 21725280 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **159686514** |
| **Consumer Discretionary 4.6%** | **Consumer Discretionary 4.6%** | **Consumer Discretionary 4.6%** |
| **Broadline Retail 2.2%** | **Broadline Retail 2.2%** | **Broadline Retail 2.2%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 201370 | &nbsp;&nbsp; 46480224 |
| **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 220247 | &nbsp;&nbsp; 14335877 |
| **Specialty Retail 1.7%** | **Specialty Retail 1.7%** | **Specialty Retail 1.7%** |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 102910 | &nbsp;&nbsp; 35411331 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **96227432** |
| **Consumer Staples 6.7%** | **Consumer Staples 6.7%** | **Consumer Staples 6.7%** |
| **Beverages 0.7%** | **Beverages 0.7%** | **Beverages 0.7%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 210566 | &nbsp;&nbsp; 14720669 |
| **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** |
| Walmart, Inc. | &nbsp;&nbsp; 93839 | &nbsp;&nbsp; 10454603 |
| **Household Products 4.0%** | **Household Products 4.0%** | **Household Products 4.0%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 477754 | &nbsp;&nbsp; 37752121 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 316386 | &nbsp;&nbsp; 45341278 |
| Total |  | &nbsp;&nbsp; 83093399 |
| **Tobacco 1.5%** | **Tobacco 1.5%** | **Tobacco 1.5%** |
| Philip Morris International, Inc. | &nbsp;&nbsp; 187618 | &nbsp;&nbsp; 30093927 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **138362598** |
| **Energy 7.7%** | **Energy 7.7%** | **Energy 7.7%** |
| **Energy Equipment & Services 0.7%** | **Energy Equipment & Services 0.7%** | **Energy Equipment & Services 0.7%** |
| SLB Ltd. | &nbsp;&nbsp; 407521 | &nbsp;&nbsp; 15640656 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Oil, Gas & Consumable Fuels 7.0%** | **Oil, Gas & Consumable Fuels 7.0%** | **Oil, Gas & Consumable Fuels 7.0%** |
| ConocoPhillips Co. | &nbsp;&nbsp; 557372 | &nbsp;&nbsp; 52175593 |
| EOG Resources, Inc. | &nbsp;&nbsp; 121903 | &nbsp;&nbsp; 12801034 |
| Expand Energy Corp. | &nbsp;&nbsp; 126410 | &nbsp;&nbsp; 13950608 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 270519 | &nbsp;&nbsp; 32554256 |
| TotalEnergies SE | &nbsp;&nbsp; 358247 | &nbsp;&nbsp; 23436519 |
| Williams Companies, Inc. (The) | &nbsp;&nbsp; 161260 | &nbsp;&nbsp; 9693339 |
| Total |  | &nbsp;&nbsp; 144611349 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **160252005** |
| **Financials 22.0%** | **Financials 22.0%** | **Financials 22.0%** |
| **Banks 9.8%** | **Banks 9.8%** | **Banks 9.8%** |
| Bank of America Corp. | &nbsp;&nbsp; 1114627 | &nbsp;&nbsp; 61304485 |
| Citigroup, Inc. | &nbsp;&nbsp; 336203 | &nbsp;&nbsp; 39231528 |
| Fifth Third Bancorp | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 5383150 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp; 1155167 | &nbsp;&nbsp; 20042148 |
| U.S. Bancorp | &nbsp;&nbsp; 770405 | &nbsp;&nbsp; 41108811 |
| Wells Fargo & Co. | &nbsp;&nbsp; 370961 | &nbsp;&nbsp; 34573565 |
| Total |  | &nbsp;&nbsp; 201643687 |
| **Capital Markets 3.0%** | **Capital Markets 3.0%** | **Capital Markets 3.0%** |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 627718 | &nbsp;&nbsp; 62715306 |
| **Financial Services 0.9%** | **Financial Services 0.9%** | **Financial Services 0.9%** |
| Equitable Holdings, Inc. | &nbsp;&nbsp; 394285 | &nbsp;&nbsp; 18787680 |
| **Insurance 8.3%** | **Insurance 8.3%** | **Insurance 8.3%** |
| Allstate Corp. (The) | &nbsp;&nbsp; 152081 | &nbsp;&nbsp; 31655660 |
| American International Group, Inc. | &nbsp;&nbsp; 271160 | &nbsp;&nbsp; 23197738 |
| Chubb Ltd. | &nbsp;&nbsp; 159767 | &nbsp;&nbsp; 49866476 |
| Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp; 184996 | &nbsp;&nbsp; 25492449 |
| MetLife, Inc. | &nbsp;&nbsp; 528545 | &nbsp;&nbsp; 41723342 |
| Total |  | &nbsp;&nbsp; 171935665 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **455082338** |
| **Health Care 13.4%** | **Health Care 13.4%** | **Health Care 13.4%** |
| **Health Care Equipment & Supplies 2.6%** | **Health Care Equipment & Supplies 2.6%** | **Health Care Equipment & Supplies 2.6%** |
| Becton Dickinson & Co. | &nbsp;&nbsp; 86033 | &nbsp;&nbsp; 16696424 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 414703 | &nbsp;&nbsp; 37290094 |
| Total |  | &nbsp;&nbsp; 53986518 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Providers & Services 5.6%** | **Health Care Providers & Services 5.6%** | **Health Care Providers & Services 5.6%** |
| Cigna Group (The) | &nbsp;&nbsp; 72097 | &nbsp;&nbsp; 19843257 |
| CVS Health Corp. | &nbsp;&nbsp; 456573 | &nbsp;&nbsp; 36233633 |
| Elevance Health, Inc. | &nbsp;&nbsp; 144099 | &nbsp;&nbsp; 50513904 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 25624 | &nbsp;&nbsp; 8458739 |
| Total |  | &nbsp;&nbsp; 115049533 |
| **Life Sciences Tools & Services 0.6%** | **Life Sciences Tools & Services 0.6%** | **Life Sciences Tools & Services 0.6%** |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 20506 | &nbsp;&nbsp; 11882202 |
| **Pharmaceuticals 4.6%** | **Pharmaceuticals 4.6%** | **Pharmaceuticals 4.6%** |
| AstraZeneca PLC, ADR | &nbsp;&nbsp; 201388 | &nbsp;&nbsp; 18513599 |
| Johnson & Johnson | &nbsp;&nbsp; 73304 | &nbsp;&nbsp; 15170263 |
| Merck & Co., Inc. | &nbsp;&nbsp; 300840 | &nbsp;&nbsp; 31666418 |
| Sanofi SA, ADR | &nbsp;&nbsp; 160255 | &nbsp;&nbsp; 7765957 |
| Viatris, Inc. | &nbsp;&nbsp; 1859770 | &nbsp;&nbsp; 23154137 |
| Total |  | &nbsp;&nbsp; 96270374 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **277188627** |
| **Industrials 13.6%** | **Industrials 13.6%** | **Industrials 13.6%** |
| **Aerospace & Defense 4.3%** | **Aerospace & Defense 4.3%** | **Aerospace & Defense 4.3%** |
| Boeing Co. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 128780 | &nbsp;&nbsp; 27960713 |
| General Electric Co. | &nbsp;&nbsp; 76924 | &nbsp;&nbsp; 23694900 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 130111 | &nbsp;&nbsp; 38196686 |
| Total |  | &nbsp;&nbsp; 89852299 |
| **Air Freight & Logistics 0.1%** | **Air Freight & Logistics 0.1%** | **Air Freight & Logistics 0.1%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 17085 | &nbsp;&nbsp; 1694661 |
| **Electrical Equipment 0.8%** | **Electrical Equipment 0.8%** | **Electrical Equipment 0.8%** |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 43070 | &nbsp;&nbsp; 16757245 |
| **Ground Transportation 2.3%** | **Ground Transportation 2.3%** | **Ground Transportation 2.3%** |
| CSX Corp. | &nbsp;&nbsp; 1323163 | &nbsp;&nbsp; 47964659 |
| **Industrial Conglomerates 1.1%** | **Industrial Conglomerates 1.1%** | **Industrial Conglomerates 1.1%** |
| Siemens AG, ADR | &nbsp;&nbsp; 167628 | &nbsp;&nbsp; 23479654 |
| **Machinery 5.0%** | **Machinery 5.0%** | **Machinery 5.0%** |
| AGCO Corp. | &nbsp;&nbsp; 157782 | &nbsp;&nbsp; 16459818 |
| Cummins, Inc. | &nbsp;&nbsp; 34325 | &nbsp;&nbsp; 17521196 |
| Fortive Corp. | &nbsp;&nbsp; 514389 | &nbsp;&nbsp; 28399417 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Middleby Corp. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 14272320 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 352581 | &nbsp;&nbsp; 26189717 |
| Total |  | &nbsp;&nbsp; 102842468 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **282590986** |
| **Information Technology 12.2%** | **Information Technology 12.2%** | **Information Technology 12.2%** |
| **Communications Equipment 0.3%** | **Communications Equipment 0.3%** | **Communications Equipment 0.3%** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 5006950 |
| **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** |
| Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 23366850 |
| TE Connectivity PLC | &nbsp;&nbsp; 25012 | &nbsp;&nbsp; 5690480 |
| Total |  | &nbsp;&nbsp; 29057330 |
| **IT Services 0.5%** | **IT Services 0.5%** | **IT Services 0.5%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 39371 | &nbsp;&nbsp; 10563239 |
| **Semiconductors & Semiconductor Equipment 7.4%** | **Semiconductors & Semiconductor Equipment 7.4%** | **Semiconductors & Semiconductor Equipment 7.4%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 136979 | &nbsp;&nbsp; 29335423 |
| Applied Materials, Inc. | &nbsp;&nbsp; 83720 | &nbsp;&nbsp; 21515203 |
| Intel Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 324757 | &nbsp;&nbsp; 11983533 |
| Micron Technology, Inc. | &nbsp;&nbsp; 117469 | &nbsp;&nbsp; 33526827 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 193875 | &nbsp;&nbsp; 33162319 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 142248 | &nbsp;&nbsp; 24678605 |
| Total |  | &nbsp;&nbsp; 154201910 |
| **Software 2.6%** | **Software 2.6%** | **Software 2.6%** |
| Microsoft Corp. | &nbsp;&nbsp; 51368 | &nbsp;&nbsp; 24842592 |
| Salesforce, Inc. | &nbsp;&nbsp; 110297 | &nbsp;&nbsp; 29218779 |
| Total |  | &nbsp;&nbsp; 54061371 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **252890800** |
| **Materials 3.6%** | **Materials 3.6%** | **Materials 3.6%** |
| **Chemicals 2.3%** | **Chemicals 2.3%** | **Chemicals 2.3%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 194963 | &nbsp;&nbsp; 15078438 |
| Linde PLC | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 16629210 |
| RPM International, Inc. | &nbsp;&nbsp; 145002 | &nbsp;&nbsp; 15080208 |
| Total |  | &nbsp;&nbsp; 46787856 |
| **Containers & Packaging 1.3%** | **Containers & Packaging 1.3%** | **Containers & Packaging 1.3%** |
| International Paper Co. | &nbsp;&nbsp; 686291 | &nbsp;&nbsp; 27033003 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **73820859** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 3.4%** | **Real Estate 3.4%** | **Real Estate 3.4%** |
| **Industrial REITs 1.0%** | **Industrial REITs 1.0%** | **Industrial REITs 1.0%** |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp; 545714 | &nbsp;&nbsp; 21130046 |
| **Residential REITs 1.5%** | **Residential REITs 1.5%** | **Residential REITs 1.5%** |
| AvalonBay Communities, Inc. | &nbsp;&nbsp; 176843 | &nbsp;&nbsp; 32063404 |
| **Specialized REITs 0.9%** | **Specialized REITs 0.9%** | **Specialized REITs 0.9%** |
| Weyerhaeuser Co. | &nbsp;&nbsp; 764388 | &nbsp;&nbsp; 18108352 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **71301802** |
| **Utilities 4.7%** | **Utilities 4.7%** | **Utilities 4.7%** |
| **Electric Utilities 1.9%** | **Electric Utilities 1.9%** | **Electric Utilities 1.9%** |
| Alliant Energy Corp. | &nbsp;&nbsp; 76000 | &nbsp;&nbsp; 4940760 |
| Southern Co. (The) | &nbsp;&nbsp; 390231 | &nbsp;&nbsp; 34028143 |
| Total |  | &nbsp;&nbsp; 38968903 |
| **Multi-Utilities 2.8%** | **Multi-Utilities 2.8%** | **Multi-Utilities 2.8%** |
| Ameren Corp. | &nbsp;&nbsp; 332965 | &nbsp;&nbsp; 33249885 |
| Sempra | &nbsp;&nbsp; 273693 | &nbsp;&nbsp; 24164355 |
| Total |  | &nbsp;&nbsp; 57414240 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **96383143** |
| Total Common Stocks <br>(Cost $1,762,552,957) | Total Common Stocks <br>(Cost $1,762,552,957) | &nbsp;&nbsp; **2063787104** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 8375257 | &nbsp;&nbsp; 8372744 |
| Total Money Market Funds <br>(Cost $8,372,744) | Total Money Market Funds <br>(Cost $8,372,744) | &nbsp;&nbsp; **8372744** |
| **Total Investments in Securities** <br>**(Cost: $1,770,925,701)** | **Total Investments in Securities** <br>**(Cost: $1,770,925,701)** | &nbsp;&nbsp; **2072159848** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **698342** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2072858190** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 17852763 | &nbsp;&nbsp; 326740869 | &nbsp;&nbsp; (336221046)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; 8372744 | &nbsp;&nbsp; (224)<br>| &nbsp;&nbsp; 1156919 | &nbsp;&nbsp; 8375257 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 159686514 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159686514 |
| Consumer Discretionary | 96227432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96227432 |
| Consumer Staples | 138362598 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 138362598 |
| Energy | 160252005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160252005 |
| Financials | 455082338 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 455082338 |
| Health Care | 277188627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 277188627 |
| Industrials | 259111332 | &nbsp;&nbsp;&nbsp;&nbsp; 23479654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 282590986 |
| Information Technology | 252890800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 252890800 |
| Materials | 73820859 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73820859 |
| Real Estate | 71301802 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71301802 |
| Utilities | 96383143 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96383143 |
| Total Common Stocks | 2040307450 | &nbsp;&nbsp;&nbsp;&nbsp; 23479654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2063787104 |
| Money Market Funds | 8372744 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8372744 |
| Total Investments in Securities | 2048680194 | &nbsp;&nbsp;&nbsp;&nbsp; 23479654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2072159848 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,762,552,957) | $2063787104 |
| Affiliated issuers (cost $8,372,744) | 8372744 |
| Receivable for: |  |
| Investments sold | 1725913 |
| Capital shares sold | 532 |
| Dividends | 3104763 |
| Foreign tax reclaims | 35786 |
| Prepaid expenses | 7522 |
| Total assets | 2077034364 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 1730242 |
| Capital shares redeemed | 2138169 |
| Management services fees | 38587 |
| Distribution and/or service fees | 380 |
| Service fees | 3099 |
| Compensation of chief compliance officer | 337 |
| Compensation of board members | 1336 |
| Other expenses | 31542 |
| Deferred compensation of board members | 232482 |
| Total liabilities | 4176174 |
| **Net assets applicable to outstanding capital stock** | **$2072858190** |
| **Represented by** |  |
| Trust capital | $2072858190 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2072858190** |
| **Class 1** |  |
| Net assets | $2017820396 |
| Shares outstanding | 45700459 |
| Net asset value per share | $44.15 |
| **Class 2** |  |
| Net assets | $55037794 |
| Shares outstanding | 1296202 |
| Net asset value per share | $42.46 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $45420790 |
| Dividends — affiliated issuers | 1156919 |
| Foreign taxes withheld | (646201)<br>|
| Total income | 45931508 |
| Expenses: |  |
| Management services fees | 13806059 |
| Distribution and/or service fees |  |
| Class 2 | 131678 |
| Service fees | 34795 |
| Custodian fees | 18102 |
| Printing and postage fees | 10570 |
| Accounting services fees | 32423 |
| Legal fees | 51275 |
| Compensation of chief compliance officer | 361 |
| Compensation of board members | 32517 |
| Deferred compensation of board members | 36337 |
| Other | 74743 |
| Total expenses | 14228860 |
| **Net investment income** | 31702648 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 129344256 |
| Investments — affiliated issuers | (224)<br>|
| Foreign currency translations | 1822 |
| Net realized gain | 129345854 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 81834882 |
| Investments — affiliated issuers | 158 |
| Net change in unrealized appreciation (depreciation) | 81835040 |
| Net realized and unrealized gain | 211180894 |
| **Net increase in net assets resulting from operations** | **$242883542** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $31702648 | &nbsp;&nbsp; $30456763 |
| Net realized gain | 129345854 | &nbsp;&nbsp; 140516422 |
| Net change in unrealized appreciation (depreciation) | 81835040 | &nbsp;&nbsp; 18131158 |
| Net increase in net assets resulting from operations | 242883542 | &nbsp;&nbsp; 189104343 |
| Increase (decrease) in net assets from capital stock activity | (177197667)<br>| &nbsp;&nbsp; 53630268 |
| Total increase in net assets | 65685875 | &nbsp;&nbsp; 242734611 |
| Net assets at beginning of year | 2007172315 | &nbsp;&nbsp; 1764437704 |
| **Net assets at end of year** | **$2072858190** | &nbsp;&nbsp; **$2007172315** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 268455 | &nbsp;&nbsp;&nbsp;&nbsp; 10806285 | &nbsp;&nbsp;&nbsp;&nbsp; 7288724 | &nbsp;&nbsp;&nbsp;&nbsp; 304054832 |
| Shares redeemed | (4349872)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (185064224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6406964)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (247971699)<br>|
| Net increase (decrease) | (4081417)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (174257939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 881760 | &nbsp;&nbsp;&nbsp;&nbsp; 56083133 |
| Class 2 |  |  |  |  |
| Shares sold | 116720 | &nbsp;&nbsp;&nbsp;&nbsp; 4596766 | &nbsp;&nbsp;&nbsp;&nbsp; 87303 | &nbsp;&nbsp;&nbsp;&nbsp; 3207577 |
| Shares redeemed | (192322)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7536494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153124)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5660442)<br>|
| Net decrease | (75602)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2939728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2452865)<br>|
| **Total net increase (decrease)** | **(4157019)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(177197667)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **815939** | &nbsp;&nbsp;&nbsp;&nbsp; **53630268** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $39.28<br>| 0.64<br>| 4.23<br>| 4.87<br>|
| Year Ended 12/31/2024 | $35.09<br>| 0.64<br>| 3.55<br>| 4.19<br>|
| Year Ended 12/31/2023 | $32.02<br>| 0.68<br>| 2.39<br>| 3.07<br>|
| Year Ended 12/31/2022 | $33.69<br>| 0.54<br>| &nbsp;&nbsp; (2.21) <br>| &nbsp;&nbsp; (1.67) <br>|
| Year Ended 12/31/2021 | $26.89<br>| 0.44<br>| 6.36<br>| 6.80<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $37.87<br>| 0.52<br>| 4.07<br>| 4.59<br>|
| Year Ended 12/31/2024 | $33.91<br>| 0.53<br>| 3.43<br>| 3.96<br>|
| Year Ended 12/31/2023 | $31.03<br>| 0.58<br>| 2.30<br>| 2.88<br>|
| Year Ended 12/31/2022 | $32.72<br>| 0.46<br>| &nbsp;&nbsp; (2.15) <br>| &nbsp;&nbsp; (1.69) <br>|
| Year Ended 12/31/2021 | $26.19<br>| 0.35<br>| 6.18<br>| 6.53<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $44.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2017820<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $39.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1955229<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $35.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1715688<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $32.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.96%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1781787<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $33.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2241102<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $42.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55038<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $37.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51943<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $33.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48750<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $31.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.17%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47191<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $32.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42318<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.71% to 0.53% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.68% of the Fund's average daily net assets.

**Subadvisory agreement**

The Investment Manager has entered into a Subadvisory Agreement with T. Rowe Price Associates, Inc. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $874,830,903 and $1,006,757,190, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Brokerage commissions paid to brokers affiliated with the Investment Manager of the Fund were $6,664 for the year ended December 31, 2025.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP – T. Rowe Price Large Cap Value Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – T. Rowe Price Large Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund \| 2025

------

**CTIVP**<sup>®</sup> **– T. Rowe Price Large Cap Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgfc7d3d312.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7036_12_E01_(02/26)

------

![](g245812img6dcdd33b1.jpg)

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_d3ceee47-ca86-41fe-a04c-dce27fa51181_POI-CommonContent-Date-316_1) | 3 |
| [Statement of Assets and Liabilities](#xx_d3ceee47-ca86-41fe-a04c-dce27fa51181_FS-CommonContent-Date-316_1) | 7 |
| [Statement of Operations](#xx_d3ceee47-ca86-41fe-a04c-dce27fa51181_FS-CommonContent-Date-316_2) | 8 |
| [Statement of Changes in Net Assets](#xx_d3ceee47-ca86-41fe-a04c-dce27fa51181_FS-CommonContent-Date-316_3) | 9 |
| [Financial Highlights](#xx_d3ceee47-ca86-41fe-a04c-dce27fa51181_FIHI-CommonContent-Date-316_1) | 10 |
| [Notes to Financial Statements](#xx_d3ceee47-ca86-41fe-a04c-dce27fa51181_NTF-CommonContent-Date-316_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_d3ceee47-ca86-41fe-a04c-dce27fa51181_AUD-CommonContent-Date-316_1) | 19 |

---

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.5%** | **Common Stocks 99.5%** | **Common Stocks 99.5%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 8.5%** | **Communication Services 8.5%** | **Communication Services 8.5%** |
| **Entertainment 1.0%** | **Entertainment 1.0%** | **Entertainment 1.0%** |
| Walt Disney Co. (The) | &nbsp;&nbsp; 92401 | &nbsp;&nbsp; 10512462 |
| **Interactive Media & Services 6.0%** | **Interactive Media & Services 6.0%** | **Interactive Media & Services 6.0%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 197140 | &nbsp;&nbsp; 61704820 |
| **Media 1.5%** | **Media 1.5%** | **Media 1.5%** |
| Omnicom Group, Inc. | &nbsp;&nbsp; 193733 | &nbsp;&nbsp; 15643940 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **87861222** |
| **Consumer Discretionary 6.1%** | **Consumer Discretionary 6.1%** | **Consumer Discretionary 6.1%** |
| **Broadline Retail 1.8%** | **Broadline Retail 1.8%** | **Broadline Retail 1.8%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 82220 | &nbsp;&nbsp; 18978020 |
| **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** |
| Expedia Group, Inc. | &nbsp;&nbsp; 23466 | &nbsp;&nbsp; 6648153 |
| **Specialty Retail 2.7%** | **Specialty Retail 2.7%** | **Specialty Retail 2.7%** |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 83671 | &nbsp;&nbsp; 20178098 |
| TJX Companies, Inc. (The) | &nbsp;&nbsp; 47342 | &nbsp;&nbsp; 7272205 |
| Total |  | &nbsp;&nbsp; 27450303 |
| **Textiles, Apparel & Luxury Goods 0.9%** | **Textiles, Apparel & Luxury Goods 0.9%** | **Textiles, Apparel & Luxury Goods 0.9%** |
| Tapestry, Inc. | &nbsp;&nbsp; 74259 | &nbsp;&nbsp; 9488072 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **62564548** |
| **Consumer Staples 6.8%** | **Consumer Staples 6.8%** | **Consumer Staples 6.8%** |
| **Consumer Staples Distribution & Retail 1.3%** | **Consumer Staples Distribution & Retail 1.3%** | **Consumer Staples Distribution & Retail 1.3%** |
| Sysco Corp. | &nbsp;&nbsp; 185527 | &nbsp;&nbsp; 13671485 |
| **Food Products 1.2%** | **Food Products 1.2%** | **Food Products 1.2%** |
| General Mills, Inc. | &nbsp;&nbsp; 268712 | &nbsp;&nbsp; 12495108 |
| **Personal Care Products 2.0%** | **Personal Care Products 2.0%** | **Personal Care Products 2.0%** |
| Unilever PLC, ADR | &nbsp;&nbsp; 303773 | &nbsp;&nbsp; 19866754 |
| **Tobacco 2.3%** | **Tobacco 2.3%** | **Tobacco 2.3%** |
| Philip Morris International, Inc. | &nbsp;&nbsp; 148779 | &nbsp;&nbsp; 23864151 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **69897498** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Energy 5.5%** | **Energy 5.5%** | **Energy 5.5%** |
| **Oil, Gas & Consumable Fuels 5.5%** | **Oil, Gas & Consumable Fuels 5.5%** | **Oil, Gas & Consumable Fuels 5.5%** |
| ConocoPhillips Co. | &nbsp;&nbsp; 112531 | &nbsp;&nbsp; 10534027 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 565623 | &nbsp;&nbsp; 14887197 |
| EQT Corp. | &nbsp;&nbsp; 185442 | &nbsp;&nbsp; 9939691 |
| TotalEnergies SE | &nbsp;&nbsp; 69780 | &nbsp;&nbsp; 4565008 |
| Williams Companies, Inc. (The) | &nbsp;&nbsp; 282363 | &nbsp;&nbsp; 16972840 |
| Total |  | &nbsp;&nbsp; 56898763 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **56898763** |
| **Financials 18.8%** | **Financials 18.8%** | **Financials 18.8%** |
| **Banks 7.7%** | **Banks 7.7%** | **Banks 7.7%** |
| Bank of America Corp. | &nbsp;&nbsp; 491544 | &nbsp;&nbsp; 27034920 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 32652 | &nbsp;&nbsp; 10521127 |
| Truist Financial Corp. | &nbsp;&nbsp; 409750 | &nbsp;&nbsp; 20163798 |
| Wells Fargo & Co. | &nbsp;&nbsp; 231581 | &nbsp;&nbsp; 21583349 |
| Total |  | &nbsp;&nbsp; 79303194 |
| **Capital Markets 6.4%** | **Capital Markets 6.4%** | **Capital Markets 6.4%** |
| Blackrock, Inc. | &nbsp;&nbsp; 14803 | &nbsp;&nbsp; 15844243 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 117986 | &nbsp;&nbsp; 19109012 |
| Morgan Stanley | &nbsp;&nbsp; 48673 | &nbsp;&nbsp; 8640918 |
| S&P Global, Inc. | &nbsp;&nbsp; 42751 | &nbsp;&nbsp; 22341245 |
| Total |  | &nbsp;&nbsp; 65935418 |
| **Consumer Finance 0.5%** | **Consumer Finance 0.5%** | **Consumer Finance 0.5%** |
| American Express Co. | &nbsp;&nbsp; 15138 | &nbsp;&nbsp; 5600303 |
| **Financial Services 1.5%** | **Financial Services 1.5%** | **Financial Services 1.5%** |
| Visa, Inc., Class A | &nbsp;&nbsp; 42978 | &nbsp;&nbsp; 15072815 |
| **Insurance 2.7%** | **Insurance 2.7%** | **Insurance 2.7%** |
| American International Group, Inc. | &nbsp;&nbsp; 176042 | &nbsp;&nbsp; 15060393 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 65849 | &nbsp;&nbsp; 12216307 |
| Total |  | &nbsp;&nbsp; 27276700 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **193188430** |
| **Health Care 13.4%** | **Health Care 13.4%** | **Health Care 13.4%** |
| **Biotechnology 2.6%** | **Biotechnology 2.6%** | **Biotechnology 2.6%** |
| AbbVie, Inc. | &nbsp;&nbsp; 58038 | &nbsp;&nbsp; 13261103 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 109617 | &nbsp;&nbsp; 13454390 |
| Total |  | &nbsp;&nbsp; 26715493 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Providers & Services 4.7%** | **Health Care Providers & Services 4.7%** | **Health Care Providers & Services 4.7%** |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 14898 | &nbsp;&nbsp; 6955280 |
| Humana, Inc. | &nbsp;&nbsp; 45626 | &nbsp;&nbsp; 11686187 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 37909 | &nbsp;&nbsp; 9510610 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 62815 | &nbsp;&nbsp; 20735860 |
| Total |  | &nbsp;&nbsp; 48887937 |
| **Life Sciences Tools & Services 1.7%** | **Life Sciences Tools & Services 1.7%** | **Life Sciences Tools & Services 1.7%** |
| Danaher Corp. | &nbsp;&nbsp; 75320 | &nbsp;&nbsp; 17242255 |
| **Pharmaceuticals 4.4%** | **Pharmaceuticals 4.4%** | **Pharmaceuticals 4.4%** |
| AstraZeneca PLC, ADR | &nbsp;&nbsp; 105745 | &nbsp;&nbsp; 9721138 |
| Merck & Co., Inc. | &nbsp;&nbsp; 205026 | &nbsp;&nbsp; 21581037 |
| Pfizer, Inc. | &nbsp;&nbsp; 573227 | &nbsp;&nbsp; 14273352 |
| Total |  | &nbsp;&nbsp; 45575527 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **138421212** |
| **Industrials 11.8%** | **Industrials 11.8%** | **Industrials 11.8%** |
| **Aerospace & Defense 3.5%** | **Aerospace & Defense 3.5%** | **Aerospace & Defense 3.5%** |
| Airbus Group SE | &nbsp;&nbsp; 46041 | &nbsp;&nbsp; 10691824 |
| General Dynamics Corp. | &nbsp;&nbsp; 18252 | &nbsp;&nbsp; 6144718 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 39425 | &nbsp;&nbsp; 19068690 |
| Total |  | &nbsp;&nbsp; 35905232 |
| **Building Products 1.2%** | **Building Products 1.2%** | **Building Products 1.2%** |
| Masco Corp. | &nbsp;&nbsp; 192982 | &nbsp;&nbsp; 12246638 |
| **Electrical Equipment 2.5%** | **Electrical Equipment 2.5%** | **Electrical Equipment 2.5%** |
| Hubbell, Inc. | &nbsp;&nbsp; 35925 | &nbsp;&nbsp; 15954652 |
| Vertiv Holdings Co. | &nbsp;&nbsp; 57162 | &nbsp;&nbsp; 9260815 |
| Total |  | &nbsp;&nbsp; 25215467 |
| **Ground Transportation 0.6%** | **Ground Transportation 0.6%** | **Ground Transportation 0.6%** |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 33832 | &nbsp;&nbsp; 6574911 |
| **Machinery 2.9%** | **Machinery 2.9%** | **Machinery 2.9%** |
| Otis Worldwide Corp. | &nbsp;&nbsp; 152371 | &nbsp;&nbsp; 13309607 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 78925 | &nbsp;&nbsp; 16846541 |
| Total |  | &nbsp;&nbsp; 30156148 |
| **Passenger Airlines 1.1%** | **Passenger Airlines 1.1%** | **Passenger Airlines 1.1%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 165642 | &nbsp;&nbsp; 11495555 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **121593951** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Information Technology 18.9%** | **Information Technology 18.9%** | **Information Technology 18.9%** |
| **Communications Equipment 2.8%** | **Communications Equipment 2.8%** | **Communications Equipment 2.8%** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 379821 | &nbsp;&nbsp; 29257612 |
| **IT Services 1.5%** | **IT Services 1.5%** | **IT Services 1.5%** |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 186888 | &nbsp;&nbsp; 15511704 |
| **Semiconductors & Semiconductor Equipment 6.7%** | **Semiconductors & Semiconductor Equipment 6.7%** | **Semiconductors & Semiconductor Equipment 6.7%** |
| Broadcom, Inc. | &nbsp;&nbsp; 25215 | &nbsp;&nbsp; 8726911 |
| Micron Technology, Inc. | &nbsp;&nbsp; 38951 | &nbsp;&nbsp; 11117005 |
| NXP Semiconductors NV | &nbsp;&nbsp; 107644 | &nbsp;&nbsp; 23365207 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 151169 | &nbsp;&nbsp; 25857457 |
| Total |  | &nbsp;&nbsp; 69066580 |
| **Software 6.0%** | **Software 6.0%** | **Software 6.0%** |
| Microsoft Corp. | &nbsp;&nbsp; 78566 | &nbsp;&nbsp; 37996089 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 22230 | &nbsp;&nbsp; 9895240 |
| Salesforce, Inc. | &nbsp;&nbsp; 51186 | &nbsp;&nbsp; 13559683 |
| Total |  | &nbsp;&nbsp; 61451012 |
| **Technology Hardware, Storage & Peripherals 1.9%** | **Technology Hardware, Storage & Peripherals 1.9%** | **Technology Hardware, Storage & Peripherals 1.9%** |
| Apple, Inc. | &nbsp;&nbsp; 23626 | &nbsp;&nbsp; 6422964 |
| Dell Technologies, Inc. | &nbsp;&nbsp; 101855 | &nbsp;&nbsp; 12821508 |
| Total |  | &nbsp;&nbsp; 19244472 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **194531380** |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| **Containers & Packaging 1.4%** | **Containers & Packaging 1.4%** | **Containers & Packaging 1.4%** |
| Amcor PLC | &nbsp;&nbsp; 1179489 | &nbsp;&nbsp; 9836938 |
| Avery Dennison Corp. | &nbsp;&nbsp; 25956 | &nbsp;&nbsp; 4720877 |
| Total |  | &nbsp;&nbsp; 14557815 |
| **Metals & Mining 0.9%** | **Metals & Mining 0.9%** | **Metals & Mining 0.9%** |
| BHP Group Ltd., ADR | &nbsp;&nbsp; 143305 | &nbsp;&nbsp; 8651323 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **23209138** |
| **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** |
| **Health Care REITs 1.8%** | **Health Care REITs 1.8%** | **Health Care REITs 1.8%** |
| Welltower, Inc. | &nbsp;&nbsp; 98089 | &nbsp;&nbsp; 18206299 |
| **Residential REITs 0.6%** | **Residential REITs 0.6%** | **Residential REITs 0.6%** |
| AvalonBay Communities, Inc. | &nbsp;&nbsp; 33215 | &nbsp;&nbsp; 6022212 |
| **Specialized REITs 0.6%** | **Specialized REITs 0.6%** | **Specialized REITs 0.6%** |
| Public Storage | &nbsp;&nbsp; 25114 | &nbsp;&nbsp; 6517083 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **30745594** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Utilities 4.4%** | **Utilities 4.4%** | **Utilities 4.4%** |
| **Electric Utilities 2.7%** | **Electric Utilities 2.7%** | **Electric Utilities 2.7%** |
| Duke Energy Corp. | &nbsp;&nbsp; 107569 | &nbsp;&nbsp; 12608163 |
| Exelon Corp. | &nbsp;&nbsp; 359121 | &nbsp;&nbsp; 15654084 |
| Total |  | &nbsp;&nbsp; 28262247 |
| **Multi-Utilities 1.7%** | **Multi-Utilities 1.7%** | **Multi-Utilities 1.7%** |
| Sempra | &nbsp;&nbsp; 192431 | &nbsp;&nbsp; 16989733 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **45251980** |
| Total Common Stocks <br>(Cost $898,464,707) | Total Common Stocks <br>(Cost $898,464,707) | &nbsp;&nbsp; **1024163716** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 5401231 | &nbsp;&nbsp; 5399611 |
| Total Money Market Funds <br>(Cost $5,399,611) | Total Money Market Funds <br>(Cost $5,399,611) | &nbsp;&nbsp; **5399611** |
| **Total Investments in Securities** <br>**(Cost: $903,864,318)** | **Total Investments in Securities** <br>**(Cost: $903,864,318)** | &nbsp;&nbsp; **1029563327** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(28520)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1029534807** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 9885644 | &nbsp;&nbsp; 208220924 | &nbsp;&nbsp; (212707025)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 5399611 | &nbsp;&nbsp; 794 | &nbsp;&nbsp; 384080 | &nbsp;&nbsp; 5401231 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 87861222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87861222 |
| Consumer Discretionary | 62564548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62564548 |
| Consumer Staples | 69897498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69897498 |
| Energy | 56898763 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56898763 |
| Financials | 193188430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193188430 |
| Health Care | 138421212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 138421212 |
| Industrials | 110902127 | &nbsp;&nbsp;&nbsp;&nbsp; 10691824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121593951 |
| Information Technology | 194531380 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194531380 |
| Materials | 23209138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23209138 |
| Real Estate | 30745594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30745594 |
| Utilities | 45251980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45251980 |
| Total Common Stocks | 1013471892 | &nbsp;&nbsp;&nbsp;&nbsp; 10691824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1024163716 |
| Money Market Funds | 5399611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5399611 |
| Total Investments in Securities | 1018871503 | &nbsp;&nbsp;&nbsp;&nbsp; 10691824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1029563327 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $898,464,707) | $1024163716 |
| Affiliated issuers (cost $5,399,611) | 5399611 |
| Foreign currency (cost $198) | 198 |
| Receivable for: |  |
| Investments sold | 832527 |
| Capital shares sold | 5294 |
| Dividends | 1059532 |
| Foreign tax reclaims | 6970 |
| Expense reimbursement due from Investment Manager | 3369 |
| Prepaid expenses | 5933 |
| Total assets | 1031477150 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 620435 |
| Capital shares redeemed | 1044443 |
| Management services fees | 20089 |
| Distribution and/or service fees | 776 |
| Service fees | 6530 |
| Compensation of chief compliance officer | 168 |
| Compensation of board members | 885 |
| Other expenses | 27237 |
| Deferred compensation of board members | 221780 |
| Total liabilities | 1942343 |
| **Net assets applicable to outstanding capital stock** | **$1029534807** |
| **Represented by** |  |
| Trust capital | $1029534807 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1029534807** |
| **Class 1** |  |
| Net assets | $917278963 |
| Shares outstanding | 17818188 |
| Net asset value per share | $51.48 |
| **Class 2** |  |
| Net assets | $112255844 |
| Shares outstanding | 2266258 |
| Net asset value per share | $49.53 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $23019886 |
| Dividends — affiliated issuers | 384080 |
| Foreign taxes withheld | (333918)<br>|
| Total income | 23070048 |
| Expenses: |  |
| Management services fees | 7174242 |
| Distribution and/or service fees |  |
| Class 2 | 260182 |
| Service fees | 75290 |
| Custodian fees | 12753 |
| Printing and postage fees | 15736 |
| Accounting services fees | 32423 |
| Legal fees | 34233 |
| Interest on interfund lending | 287 |
| Compensation of chief compliance officer | 105 |
| Compensation of board members | 21781 |
| Deferred compensation of board members | 33041 |
| Other | 35155 |
| Total expenses | 7695228 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (1188403)<br>|
| Total net expenses | 6506825 |
| **Net investment income** | 16563223 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 262675039 |
| Investments — affiliated issuers | 794 |
| Foreign currency translations | 23419 |
| Net realized gain | 262699252 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (93702940)<br>|
| Investments — affiliated issuers | 68 |
| Foreign currency translations | 40 |
| Net change in unrealized appreciation (depreciation) | (93702832)<br>|
| Net realized and unrealized gain | 168996420 |
| **Net increase in net assets resulting from operations** | **$185559643** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $16563223 | &nbsp;&nbsp; $23511805 |
| Net realized gain | 262699252 | &nbsp;&nbsp; 244432674 |
| Net change in unrealized appreciation (depreciation) | (93702832)<br>| &nbsp;&nbsp; (86816759)<br>|
| Net increase in net assets resulting from operations | 185559643 | &nbsp;&nbsp; 181127720 |
| Decrease in net assets from capital stock activity | (146663266)<br>| &nbsp;&nbsp; (625860811)<br>|
| Total increase (decrease) in net assets | 38896377 | &nbsp;&nbsp; (444733091)<br>|
| Net assets at beginning of year | 990638430 | &nbsp;&nbsp; 1435371521 |
| **Net assets at end of year** | **$1029534807** | &nbsp;&nbsp; **$990638430** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 135792 | &nbsp;&nbsp;&nbsp;&nbsp; 6166362 | &nbsp;&nbsp;&nbsp;&nbsp; 136576 | &nbsp;&nbsp;&nbsp;&nbsp; 5778717 |
| Shares redeemed | (3106317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (148040988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14448394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (633186913)<br>|
| Net decrease | (2970525)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (141874626)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14311818)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (627408196)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 120577 | &nbsp;&nbsp;&nbsp;&nbsp; 5340932 | &nbsp;&nbsp;&nbsp;&nbsp; 223982 | &nbsp;&nbsp;&nbsp;&nbsp; 9085073 |
| Shares redeemed | (224192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10129572)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (185372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7537688)<br>|
| Net increase (decrease) | (103615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4788640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38610 | &nbsp;&nbsp;&nbsp;&nbsp; 1547385 |
| **Total net decrease** | **(3074140)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(146663266)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(14273208)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(625860811)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $42.93<br>| 0.77<br>| 7.78<br>| 8.55<br>|
| Year Ended 12/31/2024 | $38.43<br>| 0.69<br>| 3.81<br>| 4.50<br>|
| Year Ended 12/31/2023 | $35.57<br>| 0.63<br>| 2.23<br>| 2.86<br>|
| Year Ended 12/31/2022 | $37.88<br>| 0.56<br>| &nbsp;&nbsp; (2.87) <br>| &nbsp;&nbsp; (2.31) <br>|
| Year Ended 12/31/2021 | $30.20<br>| 0.46<br>| 7.22<br>| 7.68<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $41.41<br>| 0.63<br>| 7.49<br>| 8.12<br>|
| Year Ended 12/31/2024 | $37.16<br>| 0.56<br>| 3.69<br>| 4.25<br>|
| Year Ended 12/31/2023 | $34.48<br>| 0.53<br>| 2.15<br>| 2.68<br>|
| Year Ended 12/31/2022 | $36.82<br>| 0.46<br>| &nbsp;&nbsp; (2.80) <br>| &nbsp;&nbsp; (2.34) <br>|
| Year Ended 12/31/2021 | $29.43<br>| 0.36<br>| 7.03<br>| 7.39<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $51.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.92%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 119%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $917279<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $42.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.71%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.62% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $892498<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $38.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.04%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1348748<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $35.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.10%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1457733<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $37.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.43%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1852472<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $49.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.61%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 119%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $112256<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $41.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.44%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.96% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $98141<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $37.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.77%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.96% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $86624<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $34.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.36%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $83993<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.11%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $86264<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund (formerly known as CTIVP<sup>®</sup> – MFS<sup>®</sup> Value Fund) (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective May 1, 2025, CTIVP<sup>®</sup> – MFS<sup>®</sup> Value Fund was renamed CTIVP<sup>®</sup> – Wellington Large Cap Value Fund.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.71% to 0.53% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.71% of the Fund's average daily net assets.

**Subadvisory agreement**

The Investment Manager has entered into a Subadvisory Agreement with Wellington Management Company, LLP to serve as the subadviser to the Fund. Prior to May 1, 2025, Massachusetts Financial Services Company served as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,206,950,696 and $1,331,593,067, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Brokerage commissions paid to brokers affiliated with the Investment Manager of the Fund were $13,094 for the year ended December 31, 2025.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP – Wellington Large Cap Value Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – Wellington Large Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

CTIVP<sup>®</sup> – Wellington Large Cap Value Fund \| 2025

------

**CTIVP**<sup>®</sup> **– Wellington Large Cap Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgbc35a2ee2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7034_12_E01_(02/26)

------

![](g245812img77d1e3f81.jpg)

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_ce83bf36-31e3-463a-9c67-310b44ad53d0_POI-CommonContent-Date-314_1) | 3 |
| [Statement of Assets and Liabilities](#xx_ce83bf36-31e3-463a-9c67-310b44ad53d0_FS-CommonContent-Date-314_1) | 6 |
| [Statement of Operations](#xx_ce83bf36-31e3-463a-9c67-310b44ad53d0_FS-CommonContent-Date-314_2) | 7 |
| [Statement of Changes in Net Assets](#xx_ce83bf36-31e3-463a-9c67-310b44ad53d0_FS-CommonContent-Date-314_3) | 8 |
| [Financial Highlights](#xx_ce83bf36-31e3-463a-9c67-310b44ad53d0_FIHI-CommonContent-Date-314_2) | 10 |
| [Notes to Financial Statements](#xx_ce83bf36-31e3-463a-9c67-310b44ad53d0_NTF-CommonContent-Date-314_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_ce83bf36-31e3-463a-9c67-310b44ad53d0_AUD-CommonContent-Date-314_1) | 19 |

---

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.8%** | **Common Stocks 99.8%** | **Common Stocks 99.8%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 11.7%** | **Communication Services 11.7%** | **Communication Services 11.7%** |
| **Entertainment 2.7%** | **Entertainment 2.7%** | **Entertainment 2.7%** |
| Netflix, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 561350 | &nbsp;&nbsp; 52632176 |
| **Interactive Media & Services 9.0%** | **Interactive Media & Services 9.0%** | **Interactive Media & Services 9.0%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 216373 | &nbsp;&nbsp; 67724749 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 119536 | &nbsp;&nbsp; 37510397 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 106469 | &nbsp;&nbsp; 70279122 |
| Total |  | &nbsp;&nbsp; 175514268 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **228146444** |
| **Consumer Discretionary 11.5%** | **Consumer Discretionary 11.5%** | **Consumer Discretionary 11.5%** |
| **Automobiles 1.7%** | **Automobiles 1.7%** | **Automobiles 1.7%** |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 74847 | &nbsp;&nbsp; 33660193 |
| **Broadline Retail 5.2%** | **Broadline Retail 5.2%** | **Broadline Retail 5.2%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 436102 | &nbsp;&nbsp; 100661064 |
| **Hotels, Restaurants & Leisure 3.0%** | **Hotels, Restaurants & Leisure 3.0%** | **Hotels, Restaurants & Leisure 3.0%** |
| Airbnb, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 149311 | &nbsp;&nbsp; 20264489 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 132686 | &nbsp;&nbsp; 38114053 |
| Total |  | &nbsp;&nbsp; 58378542 |
| **Specialty Retail 1.6%** | **Specialty Retail 1.6%** | **Specialty Retail 1.6%** |
| O'Reilly Automotive, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 346770 | &nbsp;&nbsp; 31628892 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **224328691** |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| **Consumer Staples Distribution & Retail 0.8%** | **Consumer Staples Distribution & Retail 0.8%** | **Consumer Staples Distribution & Retail 0.8%** |
| Costco Wholesale Corp. | &nbsp;&nbsp; 17806 | &nbsp;&nbsp; 15354826 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **15354826** |
| **Financials 12.8%** | **Financials 12.8%** | **Financials 12.8%** |
| **Capital Markets 7.2%** | **Capital Markets 7.2%** | **Capital Markets 7.2%** |
| Brookfield Corp. | &nbsp;&nbsp; 1583950 | &nbsp;&nbsp; 72687466 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 180317 | &nbsp;&nbsp; 18015472 |
| KKR & Co., Inc., Class A | &nbsp;&nbsp; 249388 | &nbsp;&nbsp; 31791982 |
| Moody's Corp. | &nbsp;&nbsp; 16398 | &nbsp;&nbsp; 8376918 |
| MSCI, Inc. | &nbsp;&nbsp; 17404 | &nbsp;&nbsp; 9985197 |
| Total |  | &nbsp;&nbsp; 140857035 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Financial Services 4.8%** | **Financial Services 4.8%** | **Financial Services 4.8%** |
| MasterCard, Inc., Class A | &nbsp;&nbsp; 109956 | &nbsp;&nbsp; 62771681 |
| Visa, Inc., Class A | &nbsp;&nbsp; 90038 | &nbsp;&nbsp; 31577227 |
| Total |  | &nbsp;&nbsp; 94348908 |
| **Insurance 0.8%** | **Insurance 0.8%** | **Insurance 0.8%** |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 56537 | &nbsp;&nbsp; 14631210 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **249837153** |
| **Health Care 5.5%** | **Health Care 5.5%** | **Health Care 5.5%** |
| **Health Care Equipment & Supplies 0.9%** | **Health Care Equipment & Supplies 0.9%** | **Health Care Equipment & Supplies 0.9%** |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15172 | &nbsp;&nbsp; 10264313 |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11701 | &nbsp;&nbsp; 6626979 |
| Total |  | &nbsp;&nbsp; 16891292 |
| **Health Care Technology 0.6%** | **Health Care Technology 0.6%** | **Health Care Technology 0.6%** |
| Veeva Systems Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 56641 | &nbsp;&nbsp; 12643970 |
| **Life Sciences Tools & Services 3.0%** | **Life Sciences Tools & Services 3.0%** | **Life Sciences Tools & Services 3.0%** |
| Danaher Corp. | &nbsp;&nbsp; 252808 | &nbsp;&nbsp; 57872807 |
| **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** |
| Zoetis, Inc. | &nbsp;&nbsp; 156564 | &nbsp;&nbsp; 19698883 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **107106952** |
| **Industrials 7.1%** | **Industrials 7.1%** | **Industrials 7.1%** |
| **Aerospace & Defense 6.0%** | **Aerospace & Defense 6.0%** | **Aerospace & Defense 6.0%** |
| HEICO Corp., Class A | &nbsp;&nbsp; 119010 | &nbsp;&nbsp; 30041694 |
| TransDigm Group, Inc. | &nbsp;&nbsp; 65793 | &nbsp;&nbsp; 87494821 |
| Total |  | &nbsp;&nbsp; 117536515 |
| **Commercial Services & Supplies 1.1%** | **Commercial Services & Supplies 1.1%** | **Commercial Services & Supplies 1.1%** |
| Copart, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 525033 | &nbsp;&nbsp; 20555042 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **138091557** |
| **Information Technology 46.9%** | **Information Technology 46.9%** | **Information Technology 46.9%** |
| **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** |
| Amphenol Corp., Class A | &nbsp;&nbsp; 96878 | &nbsp;&nbsp; 13092093 |
| **Semiconductors & Semiconductor Equipment 18.4%** | **Semiconductors & Semiconductor Equipment 18.4%** | **Semiconductors & Semiconductor Equipment 18.4%** |
| Broadcom, Inc. | &nbsp;&nbsp; 325643 | &nbsp;&nbsp; 112705042 |
| NVIDIA Corp. | &nbsp;&nbsp; 1322190 | &nbsp;&nbsp; 246588435 |
| Total |  | &nbsp;&nbsp; 359293477 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Software 20.2%** | **Software 20.2%** | **Software 20.2%** |
| Cadence Design Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 230484 | &nbsp;&nbsp; 72044689 |
| Constellation Software, Inc. | &nbsp;&nbsp; 8053 | &nbsp;&nbsp; 19320476 |
| Fair Isaac Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4465 | &nbsp;&nbsp; 7548618 |
| Microsoft Corp. | &nbsp;&nbsp; 320211 | &nbsp;&nbsp; 154860444 |
| Oracle Corp. | &nbsp;&nbsp; 219309 | &nbsp;&nbsp; 42745517 |
| Procore Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 80154 | &nbsp;&nbsp; 5830402 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 63261 | &nbsp;&nbsp; 28159369 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 315885 | &nbsp;&nbsp; 48390423 |
| Synopsys, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 34081 | &nbsp;&nbsp; 16008527 |
| Total |  | &nbsp;&nbsp; 394908465 |
| **Technology Hardware, Storage & Peripherals 7.7%** | **Technology Hardware, Storage & Peripherals 7.7%** | **Technology Hardware, Storage & Peripherals 7.7%** |
| Apple, Inc. | &nbsp;&nbsp; 553201 | &nbsp;&nbsp; 150393224 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **917687259** |
| **Materials 2.2%** | **Materials 2.2%** | **Materials 2.2%** |
| **Chemicals 1.3%** | **Chemicals 1.3%** | **Chemicals 1.3%** |
| Linde PLC | &nbsp;&nbsp; 46331 | &nbsp;&nbsp; 19755075 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 18612 | &nbsp;&nbsp; 6030846 |
| Total |  | &nbsp;&nbsp; 25785921 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Construction Materials 0.9%** | **Construction Materials 0.9%** | **Construction Materials 0.9%** |
| Vulcan Materials Co. | &nbsp;&nbsp; 59868 | &nbsp;&nbsp; 17075551 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **42861472** |
| **Real Estate 1.3%** | **Real Estate 1.3%** | **Real Estate 1.3%** |
| **Real Estate Management & Development 1.3%** | **Real Estate Management & Development 1.3%** | **Real Estate Management & Development 1.3%** |
| CoStar Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 395962 | &nbsp;&nbsp; 26624485 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **26624485** |
| Total Common Stocks <br>(Cost $1,388,479,806) | Total Common Stocks <br>(Cost $1,388,479,806) | &nbsp;&nbsp; **1950038839** |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 6570245 | &nbsp;&nbsp; 6568274 |
| Total Money Market Funds <br>(Cost $6,568,295) | Total Money Market Funds <br>(Cost $6,568,295) | &nbsp;&nbsp; **6568274** |
| **Total Investments in Securities** <br>**(Cost: $1,395,048,101)** | **Total Investments in Securities** <br>**(Cost: $1,395,048,101)** | &nbsp;&nbsp; **1956607113** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(2409430)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1954197683** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 12147859 | &nbsp;&nbsp; 256338934 | &nbsp;&nbsp; (261918498)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; 6568274 | &nbsp;&nbsp; (5201)<br>| &nbsp;&nbsp; 480245 | &nbsp;&nbsp; 6570245 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 228146444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 228146444 |
| Consumer Discretionary | 224328691 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224328691 |
| Consumer Staples | 15354826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15354826 |
| Financials | 249837153 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249837153 |
| Health Care | 107106952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107106952 |
| Industrials | 138091557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 138091557 |
| Information Technology | 898366783 | &nbsp;&nbsp;&nbsp;&nbsp; 19320476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 917687259 |
| Materials | 42861472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42861472 |
| Real Estate | 26624485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26624485 |
| Total Common Stocks | 1930718363 | &nbsp;&nbsp;&nbsp;&nbsp; 19320476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1950038839 |
| Money Market Funds | 6568274 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6568274 |
| Total Investments in Securities | 1937286637 | &nbsp;&nbsp;&nbsp;&nbsp; 19320476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1956607113 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,388,479,806) | $1950038839 |
| Affiliated issuers (cost $6,568,295) | 6568274 |
| Receivable for: |  |
| Capital shares sold | 23093 |
| Dividends | 133351 |
| Foreign tax reclaims | 75668 |
| Prepaid expenses | 8326 |
| Total assets | 1956847551 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 252858 |
| Capital shares redeemed | 1983454 |
| Management services fees | 36650 |
| Distribution and/or service fees | 621 |
| Service fees | 30837 |
| Compensation of chief compliance officer | 327 |
| Compensation of board members | 1347 |
| Other expenses | 33790 |
| Deferred compensation of board members | 309984 |
| Total liabilities | 2649868 |
| **Net assets applicable to outstanding capital stock** | **$1954197683** |
| **Represented by** |  |
| Trust capital | $1954197683 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1954197683** |
| **Class 1** |  |
| Net assets | $1864120496 |
| Shares outstanding | 22866891 |
| Net asset value per share | $81.52 |
| **Class 2** |  |
| Net assets | $90077187 |
| Shares outstanding | 1148526 |
| Net asset value per share | $78.43 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $8983133 |
| Dividends — affiliated issuers | 480245 |
| Foreign taxes withheld | (94327)<br>|
| Total income | 9369051 |
| Expenses: |  |
| Management services fees | 13559759 |
| Distribution and/or service fees |  |
| Class 2 | 221095 |
| Service fees | 220842 |
| Custodian fees | 13945 |
| Printing and postage fees | 19106 |
| Accounting services fees | 32423 |
| Legal fees | 50662 |
| Compensation of chief compliance officer | 304 |
| Compensation of board members | 32260 |
| Deferred compensation of board members | 39933 |
| Other | 33890 |
| Total expenses | 14224219 |
| **Net investment loss** | (4855168)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 482128034 |
| Investments — affiliated issuers | (5201)<br>|
| Net realized gain | 482122833 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (216773659)<br>|
| Investments — affiliated issuers | (21)<br>|
| Net change in unrealized appreciation (depreciation) | (216773680)<br>|
| Net realized and unrealized gain | 265349153 |
| **Net increase in net assets resulting from operations** | **$260493985** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment loss | $(4855168)<br>| &nbsp;&nbsp; $(1516767)<br>|
| Net realized gain | 482122833 | &nbsp;&nbsp; 351137628 |
| Net change in unrealized appreciation (depreciation) | (216773680)<br>| &nbsp;&nbsp; 96939418 |
| Net increase in net assets resulting from operations | 260493985 | &nbsp;&nbsp; 446560279 |
| Decrease in net assets from capital stock activity | (340586160)<br>| &nbsp;&nbsp; (675628100)<br>|
| Total decrease in net assets | (80092175)<br>| &nbsp;&nbsp; (229067821)<br>|
| Net assets at beginning of year | 2034289858 | &nbsp;&nbsp; 2263357679 |
| **Net assets at end of year** | **$1954197683** | &nbsp;&nbsp; **$2034289858** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 66313 | &nbsp;&nbsp;&nbsp;&nbsp; 4995751 | &nbsp;&nbsp;&nbsp;&nbsp; 74285 | &nbsp;&nbsp;&nbsp;&nbsp; 4902645 |
| Shares redeemed | (4401833)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (339167095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9975116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (676576293)<br>|
| Net decrease | (4335520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (334171344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9900831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (671673648)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 72280 | &nbsp;&nbsp;&nbsp;&nbsp; 5251477 | &nbsp;&nbsp;&nbsp;&nbsp; 89901 | &nbsp;&nbsp;&nbsp;&nbsp; 5733209 |
| Shares redeemed | (156023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11666293)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (150816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9687661)<br>|
| Net decrease | (83743)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6414816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3954452)<br>|
| **Total net decrease** | **(4419263)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(340586160)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(9961746)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(675628100)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $71.65<br>| &nbsp;&nbsp; (0.18) <br>| 10.05<br>| 9.87<br>|
| Year Ended 12/31/2024 | $59.01<br>| &nbsp;&nbsp; (0.04) <br>| 12.68<br>| 12.64<br>|
| Year Ended 12/31/2023 | $42.29<br>| 0.09<br>| 16.63<br>| 16.72<br>|
| Year Ended 12/31/2022 | $58.74<br>| 0.08<br>| &nbsp;&nbsp; (16.53) <br>| &nbsp;&nbsp; (16.45) <br>|
| Year Ended 12/31/2021 | $49.54<br>| &nbsp;&nbsp; (0.05) <br>| 9.25<br>| 9.20<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $69.11<br>| &nbsp;&nbsp; (0.35) <br>| 9.67<br>| 9.32<br>|
| Year Ended 12/31/2024 | $57.06<br>| &nbsp;&nbsp; (0.19) <br>| 12.24<br>| 12.05<br>|
| Year Ended 12/31/2023 | $40.99<br>| &nbsp;&nbsp; (0.03) <br>| 16.10<br>| 16.07<br>|
| Year Ended 12/31/2022 | $57.08<br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (16.05) <br>| &nbsp;&nbsp; (16.09) <br>|
| Year Ended 12/31/2021 | $48.26<br>| &nbsp;&nbsp; (0.19) <br>| 9.01<br>| 8.82<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $81.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1864120<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $71.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1949131<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $59.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2189569<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $42.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28.01%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1827444<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $58.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2403745<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $78.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $90077<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $69.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85159<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $57.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73789<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $40.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28.19%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56993<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $57.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $76565<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund (formerly known as CTIVP<sup>®</sup> – Principal Blue Chip Growth Fund) (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective June 1, 2025, CTIVP<sup>®</sup> – Principal Blue Chip Growth Fund was renamed CTIVP<sup>®</sup> – Principal Large Cap Growth Fund.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.71% to 0.53% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.68% of the Fund's average daily net assets.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Subadvisory agreement**

The Investment Manager has entered into a Subadvisory Agreement with Principal Global Investors, LLC to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $874,274,522 and $1,208,203,585, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 96.7% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP – Principal Large Cap Growth Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – Principal Large Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

CTIVP<sup>®</sup> – Principal Large Cap Growth Fund \| 2025

------

**CTIVP**<sup>®</sup> **– Principal Large Cap Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgc601c2a92.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7032_12_E01_(02/26)

------

![](g245812img40bc9e381.jpg)

Columbia Variable Portfolio – Overseas Core Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_edf9cd26-c53f-4356-a1fc-7b63c6ebe2eb_POI-CommonContent-Date-258_1) | 3 |
| [Statement of Assets and Liabilities](#xx_edf9cd26-c53f-4356-a1fc-7b63c6ebe2eb_FS-CommonContent-Date-258_1) | 10 |
| [Statement of Operations](#xx_edf9cd26-c53f-4356-a1fc-7b63c6ebe2eb_FS-CommonContent-Date-258_2) | 11 |
| [Statement of Changes in Net Assets](#xx_edf9cd26-c53f-4356-a1fc-7b63c6ebe2eb_FS-CommonContent-Date-258_3) | 12 |
| [Financial Highlights](#xx_edf9cd26-c53f-4356-a1fc-7b63c6ebe2eb_FIHI-CommonContent-Date-258_2) | 14 |
| [Notes to Financial Statements](#xx_edf9cd26-c53f-4356-a1fc-7b63c6ebe2eb_NTF-CommonContent-Date-258_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_edf9cd26-c53f-4356-a1fc-7b63c6ebe2eb_AUD-CommonContent-Date-258_1) | 28 |
| [Federal Income Tax Information](#xx_edf9cd26-c53f-4356-a1fc-7b63c6ebe2eb_CCH-CommonContent-Date-258_1) | 29 |

---

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.0%** | **Common Stocks 98.0%** | **Common Stocks 98.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Australia 3.9%** | **Australia 3.9%** | **Australia 3.9%** |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 4144878 | &nbsp;&nbsp; 72940114 |
| Paladin Energy Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6080288 | &nbsp;&nbsp; 38539339 |
| Santos Ltd. | &nbsp;&nbsp; 10139572 | &nbsp;&nbsp; 41645137 |
| **Total** | **Total** | &nbsp;&nbsp; **153124590** |
| **Austria 0.7%** | **Austria 0.7%** | **Austria 0.7%** |
| Kontron AG | &nbsp;&nbsp; 1007393 | &nbsp;&nbsp; 26740457 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Galapagos NV, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 385906 | &nbsp;&nbsp; 12619126 |
| **Brazil 1.3%** | **Brazil 1.3%** | **Brazil 1.3%** |
| Cosan SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 8048188 | &nbsp;&nbsp; 7813561 |
| Itaú Unibanco Holding SA, ADR | &nbsp;&nbsp; 6164250 | &nbsp;&nbsp; 44136032 |
| **Total** | **Total** | &nbsp;&nbsp; **51949593** |
| **Canada 3.8%** | **Canada 3.8%** | **Canada 3.8%** |
| Finning International, Inc. | &nbsp;&nbsp; 564552 | &nbsp;&nbsp; 30589583 |
| NexGen Energy Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2627094 | &nbsp;&nbsp; 24169265 |
| Pan American Silver Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 455054 | &nbsp;&nbsp; 23576348 |
| Vermilion Energy, Inc. | &nbsp;&nbsp; 1910347 | &nbsp;&nbsp; 15932294 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 6266986 | &nbsp;&nbsp; 52508352 |
| **Total** | **Total** | &nbsp;&nbsp; **146775842** |
| **China 2.0%** | **China 2.0%** | **China 2.0%** |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 9373500 | &nbsp;&nbsp; 78734634 |
| **Denmark 1.6%** | **Denmark 1.6%** | **Denmark 1.6%** |
| ISS A/S | &nbsp;&nbsp; 918880 | &nbsp;&nbsp; 31305990 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 583545 | &nbsp;&nbsp; 29596515 |
| **Total** | **Total** | &nbsp;&nbsp; **60902505** |
| **Finland 1.8%** | **Finland 1.8%** | **Finland 1.8%** |
| Nokia OYJ | &nbsp;&nbsp; 3649744 | &nbsp;&nbsp; 23530167 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 1558545 | &nbsp;&nbsp; 45056638 |
| **Total** | **Total** | &nbsp;&nbsp; **68586805** |
| **France 6.3%** | **France 6.3%** | **France 6.3%** |
| AXA SA | &nbsp;&nbsp; 1331773 | &nbsp;&nbsp; 63899860 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 406706 | &nbsp;&nbsp; 41358708 |
| Eiffage SA | &nbsp;&nbsp; 359661 | &nbsp;&nbsp; 51532023 |
| Sanofi SA | &nbsp;&nbsp; 595198 | &nbsp;&nbsp; 57588517 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| TotalEnergies SE | &nbsp;&nbsp; 436903 | &nbsp;&nbsp; 28485206 |
| **Total** | **Total** | &nbsp;&nbsp; **242864314** |
| **Germany 3.1%** | **Germany 3.1%** | **Germany 3.1%** |
| Duerr AG | &nbsp;&nbsp; 547600 | &nbsp;&nbsp; 14362833 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 662974 | &nbsp;&nbsp; 31667330 |
| KION Group AG | &nbsp;&nbsp; 536719 | &nbsp;&nbsp; 42410038 |
| Siemens AG, Registered Shares | &nbsp;&nbsp; 85697 | &nbsp;&nbsp; 24001724 |
| TeamViewer SE<sup>(a)</sup> <br>| &nbsp;&nbsp; 1156268 | &nbsp;&nbsp; 8140748 |
| **Total** | **Total** | &nbsp;&nbsp; **120582673** |
| **Greece 3.2%** | **Greece 3.2%** | **Greece 3.2%** |
| JUMBO SA | &nbsp;&nbsp; 1566850 | &nbsp;&nbsp; 51374003 |
| National Bank of Greece SA | &nbsp;&nbsp; 4697460 | &nbsp;&nbsp; 71647788 |
| **Total** | **Total** | &nbsp;&nbsp; **123021791** |
| **Hong Kong 2.3%** | **Hong Kong 2.3%** | **Hong Kong 2.3%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 10633000 | &nbsp;&nbsp; 53962386 |
| WH Group Ltd. | &nbsp;&nbsp; 30286750 | &nbsp;&nbsp; 33739864 |
| **Total** | **Total** | &nbsp;&nbsp; **87702250** |
| **Ireland 1.5%** | **Ireland 1.5%** | **Ireland 1.5%** |
| AIB Group PLC | &nbsp;&nbsp; 5393464 | &nbsp;&nbsp; 57658012 |
| **Israel 1.9%** | **Israel 1.9%** | **Israel 1.9%** |
| Check Point Software Technologies Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 400766 | &nbsp;&nbsp; 74366139 |
| **Italy 3.0%** | **Italy 3.0%** | **Italy 3.0%** |
| BPER Banca SPA | &nbsp;&nbsp; 1690100 | &nbsp;&nbsp; 22837443 |
| Buzzi SpA | &nbsp;&nbsp; 969490 | &nbsp;&nbsp; 58606747 |
| PRADA SpA | &nbsp;&nbsp; 6276700 | &nbsp;&nbsp; 36292225 |
| **Total** | **Total** | &nbsp;&nbsp; **117736415** |
| **Japan 23.5%** | **Japan 23.5%** | **Japan 23.5%** |
| Amano Corp. | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 19410853 |
| Anycolor, Inc. | &nbsp;&nbsp; 583800 | &nbsp;&nbsp; 18009399 |
| Furuno Electric Co., Ltd. | &nbsp;&nbsp; 248500 | &nbsp;&nbsp; 12617554 |
| Hitachi Ltd. | &nbsp;&nbsp; 1318800 | &nbsp;&nbsp; 41359640 |
| IHI Corp. | &nbsp;&nbsp; 839000 | &nbsp;&nbsp; 14750119 |
| ITOCHU Corp. | &nbsp;&nbsp; 4113000 | &nbsp;&nbsp; 51975210 |
| Kakaku.com, Inc. | &nbsp;&nbsp; 1333100 | &nbsp;&nbsp; 19652242 |
| Kinden Corp. | &nbsp;&nbsp; 826200 | &nbsp;&nbsp; 35838357 |
| Macnica Holdings, Inc. | &nbsp;&nbsp; 2700400 | &nbsp;&nbsp; 41394332 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 3083700 | &nbsp;&nbsp; 53389903 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 4165800 | &nbsp;&nbsp; 66115720 |
| Niterra Co., Ltd. | &nbsp;&nbsp; 1221500 | &nbsp;&nbsp; 53817189 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 3988600 | &nbsp;&nbsp; 33226912 |
| Otsuka Corp. | &nbsp;&nbsp; 1727700 | &nbsp;&nbsp; 35600301 |
| Sankyo Co., Ltd. | &nbsp;&nbsp; 3568900 | &nbsp;&nbsp; 57926414 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 1034700 | &nbsp;&nbsp; 26941717 |
| Shimamura Co., Ltd. | &nbsp;&nbsp; 669500 | &nbsp;&nbsp; 43623023 |
| Ship Healthcare Holdings, Inc. | &nbsp;&nbsp; 1243800 | &nbsp;&nbsp; 20840323 |
| Sumitomo Corp. | &nbsp;&nbsp; 528900 | &nbsp;&nbsp; 18306553 |
| Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp; 893700 | &nbsp;&nbsp; 35786937 |
| Suzuken Co., Ltd. | &nbsp;&nbsp; 1198300 | &nbsp;&nbsp; 46895487 |
| Taisei Corp. | &nbsp;&nbsp; 262900 | &nbsp;&nbsp; 24915275 |
| TBS Holdings, Inc. | &nbsp;&nbsp; 1479300 | &nbsp;&nbsp; 54594951 |
| TOPPAN Holdings, Inc. | &nbsp;&nbsp; 1119800 | &nbsp;&nbsp; 33287955 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 711900 | &nbsp;&nbsp; 24004701 |
| USS Co., Ltd. | &nbsp;&nbsp; 2538600 | &nbsp;&nbsp; 27778917 |
| **Total** | **Total** | &nbsp;&nbsp; **912059984** |
| **Kazakhstan 0.8%** | **Kazakhstan 0.8%** | **Kazakhstan 0.8%** |
| Kaspi.KZ JSC, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 378095 | &nbsp;&nbsp; 29540562 |
| **Netherlands 8.4%** | **Netherlands 8.4%** | **Netherlands 8.4%** |
| ASM International NV | &nbsp;&nbsp; 92572 | &nbsp;&nbsp; 56042656 |
| ASR Nederland NV | &nbsp;&nbsp; 792243 | &nbsp;&nbsp; 56368720 |
| ING Groep NV | &nbsp;&nbsp; 3342408 | &nbsp;&nbsp; 93949186 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 971706 | &nbsp;&nbsp; 39846644 |
| Prosus NV, Class N<sup>(a)</sup> <br>| &nbsp;&nbsp; 1277096 | &nbsp;&nbsp; 79076482 |
| **Total** | **Total** | &nbsp;&nbsp; **325283688** |
| **Norway 1.3%** | **Norway 1.3%** | **Norway 1.3%** |
| Norsk Hydro ASA | &nbsp;&nbsp; 2325263 | &nbsp;&nbsp; 17949111 |
| SalMar ASA | &nbsp;&nbsp; 542188 | &nbsp;&nbsp; 33137526 |
| **Total** | **Total** | &nbsp;&nbsp; **51086637** |
| **Poland 1.8%** | **Poland 1.8%** | **Poland 1.8%** |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 3004769 | &nbsp;&nbsp; 70918562 |
| **Russian Federation —%** | **Russian Federation —%** | **Russian Federation —%** |
| Lukoil PJSC<sup>(a),(c),(d),(e),(f)</sup> <br>| &nbsp;&nbsp; 133228 | &nbsp;&nbsp; — |
| **Singapore 0.8%** | **Singapore 0.8%** | **Singapore 0.8%** |
| Venture Corp., Ltd. | &nbsp;&nbsp; 2766400 | &nbsp;&nbsp; 32545517 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **South Africa 0.7%** | **South Africa 0.7%** | **South Africa 0.7%** |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 1685919 | &nbsp;&nbsp; 26494482 |
| **South Korea 1.7%** | **South Korea 1.7%** | **South Korea 1.7%** |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp; 481950 | &nbsp;&nbsp; 40394590 |
| Youngone Corp. | &nbsp;&nbsp; 450046 | &nbsp;&nbsp; 25555353 |
| **Total** | **Total** | &nbsp;&nbsp; **65949943** |
| **Spain 1.5%** | **Spain 1.5%** | **Spain 1.5%** |
| Endesa SA | &nbsp;&nbsp; 1601972 | &nbsp;&nbsp; 57665186 |
| **Switzerland 2.8%** | **Switzerland 2.8%** | **Switzerland 2.8%** |
| Landis+Gyr Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp; 293283 | &nbsp;&nbsp; 18858091 |
| Nestlé SA, Registered Shares | &nbsp;&nbsp; 211658 | &nbsp;&nbsp; 21008987 |
| Novartis AG, Registered Shares | &nbsp;&nbsp; 293053 | &nbsp;&nbsp; 40381529 |
| Roche Holding AG, Genusschein Shares | &nbsp;&nbsp; 66038 | &nbsp;&nbsp; 27271731 |
| **Total** | **Total** | &nbsp;&nbsp; **107520338** |
| **Taiwan 2.5%** | **Taiwan 2.5%** | **Taiwan 2.5%** |
| Parade Technologies Ltd. | &nbsp;&nbsp; 1364000 | &nbsp;&nbsp; 25283480 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp; 1456000 | &nbsp;&nbsp; 71573008 |
| **Total** | **Total** | &nbsp;&nbsp; **96856488** |
| **United Arab Emirates 1.3%** | **United Arab Emirates 1.3%** | **United Arab Emirates 1.3%** |
| Emaar Properties PJSC | &nbsp;&nbsp; 13524818 | &nbsp;&nbsp; 51618063 |
| **United Kingdom 8.0%** | **United Kingdom 8.0%** | **United Kingdom 8.0%** |
| AstraZeneca PLC, ADR | &nbsp;&nbsp; 1022350 | &nbsp;&nbsp; 93984636 |
| Flutter Entertainment PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 225447 | &nbsp;&nbsp; 48480123 |
| Imperial Brands PLC | &nbsp;&nbsp; 861186 | &nbsp;&nbsp; 36161354 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 23640585 | &nbsp;&nbsp; 26796298 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 14738981 | &nbsp;&nbsp; 65589014 |
| TP Icap Group PLC | &nbsp;&nbsp; 10914909 | &nbsp;&nbsp; 38114030 |
| **Total** | **Total** | &nbsp;&nbsp; **309125455** |
| **United States 6.2%** | **United States 6.2%** | **United States 6.2%** |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 298243 | &nbsp;&nbsp; 7966070 |
| Burford Capital Ltd. | &nbsp;&nbsp; 2437894 | &nbsp;&nbsp; 21746015 |
| Energy Fuels, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1475809 | &nbsp;&nbsp; 21458263 |
| Galaxy Digital, Inc., Class A<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 446192 | &nbsp;&nbsp; 9976853 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 125851 | &nbsp;&nbsp; 21394670 |
| JBS NV, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 1902824 | &nbsp;&nbsp; 27438722 |
| Primo Brands Corp., Class A | &nbsp;&nbsp; 3590803 | &nbsp;&nbsp; 58709629 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Shell PLC | &nbsp;&nbsp; 1893978 | &nbsp;&nbsp; 70160636 |
| **Total** | **Total** | &nbsp;&nbsp; **238850858** |
| Total Common Stocks <br>(Cost $3,177,662,537) | Total Common Stocks <br>(Cost $3,177,662,537) | &nbsp;&nbsp; **3798880909** |
| **Exchange-Traded Equity Funds 0.3%** | **Exchange-Traded Equity Funds 0.3%** | **Exchange-Traded Equity Funds 0.3%** |
|  | **Shares** | **Value ($)** |
| **United States 0.3%** | **United States 0.3%** | **United States 0.3%** |
| iShares MSCI EAFE ETF | &nbsp;&nbsp; 110254 | &nbsp;&nbsp; 10587692 |
| Total Exchange-Traded Equity Funds <br>(Cost $10,445,563) | Total Exchange-Traded Equity Funds <br>(Cost $10,445,563) | &nbsp;&nbsp; **10587692** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Preferred Stocks 0.8%** | **Preferred Stocks 0.8%** | **Preferred Stocks 0.8%** |
| **Issuer** | **Shares** | **Value ($)** |
| **South Korea 0.8%** | **South Korea 0.8%** | **South Korea 0.8%** |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp; 490852 | &nbsp;&nbsp; 30467584 |
| Total Preferred Stocks <br>(Cost $27,307,102) | Total Preferred Stocks <br>(Cost $27,307,102) | &nbsp;&nbsp; **30467584** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(g),(h)</sup> <br>| &nbsp;&nbsp; 18081058 | &nbsp;&nbsp; 18075634 |
| Total Money Market Funds <br>(Cost $18,075,634) | Total Money Market Funds <br>(Cost $18,075,634) | &nbsp;&nbsp; **18075634** |
| **Total Investments in Securities** <br>**(Cost $3,233,490,836)** | **Total Investments in Securities** <br>**(Cost $3,233,490,836)** | &nbsp;&nbsp; **3858011819** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **16156549** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$3874168368** |

---

At December 31, 2025, securities and/or cash totaling $9,710,322 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 83,457,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 106,040,323 USD | Barclays | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 678626 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 158,752,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 214,443,789 USD | Barclays | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 454031 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 117,583,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 11,624,502 USD | Barclays | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40478)<br>|
| 54,185,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 30,749,988 USD | Barclays | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (447026)<br>|
| 53,696,694 USD | &nbsp;&nbsp;&nbsp;&nbsp; 548,828,000 NOK | Barclays | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750528 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 108,907,546 USD | &nbsp;&nbsp;&nbsp;&nbsp; 85,364,000 CHF | Barclays | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (690111)<br>|
| 218,133,425 USD | &nbsp;&nbsp;&nbsp;&nbsp; 161,490,000 GBP | Barclays | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (466652)<br>|
| 27,544,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 15,634,525 USD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (223933)<br>|
| 161,369,678 USD | &nbsp;&nbsp;&nbsp;&nbsp; 247,842,000 AUD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4027680 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 205,075,182 USD | &nbsp;&nbsp;&nbsp;&nbsp; 280,953,000 CAD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (381000)<br>|
| 192,058,802 USD | &nbsp;&nbsp;&nbsp;&nbsp; 147,168,000 GBP | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6316303 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 22,498,219 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,512,287,000 JPY | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (75549)<br>|
| 38,409,308 USD | &nbsp;&nbsp;&nbsp;&nbsp; 366,106,000 SEK | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1356727 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 38,831,128 USD | &nbsp;&nbsp;&nbsp;&nbsp; 49,898,000 SGD | Citi | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12084)<br>|
| 285,732,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 208,910,417 USD | Citi | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 376181 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 49,632,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 38,719,643 USD | Citi | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8773 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 16,032,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 11,617,173 USD | Goldman Sachs International | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63276)<br>|
| 41,529,000 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 11,564,745 USD | Goldman Sachs International | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (376)<br>|
| 236,232,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 158,100,156 USD | HSBC | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450731 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 264,507,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 188,030,488 USD | HSBC | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4681617)<br>|
| 1,204,710,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 7,731,346 USD | HSBC | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40399 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 26,870,720 USD | &nbsp;&nbsp;&nbsp;&nbsp; 173,824,000 DKK | HSBC | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 478804 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 155,818,481 USD | &nbsp;&nbsp;&nbsp;&nbsp; 232,789,000 AUD | HSBC | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (440670)<br>|
| 11,618,597 USD | &nbsp;&nbsp;&nbsp;&nbsp; 17,443,000 AUD | JPMorgan | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21989 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 113,243,025 USD | &nbsp;&nbsp;&nbsp;&nbsp; 17,642,867,000 JPY | JPMorgan | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (609809)<br>|
| 47,711,510 USD | &nbsp;&nbsp;&nbsp;&nbsp; 81,729,000 NZD | JPMorgan | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (656039)<br>|
| 18,119,660,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 116,684,977 USD | JPMorgan | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 613443 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 86,877,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 50,787,599 USD | JPMorgan | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 688761 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 22,323,284,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 145,723,567 USD | Morgan Stanley | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3210263 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 431,245,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 42,858,563 USD | Morgan Stanley | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 76321 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 23,317,567 USD | &nbsp;&nbsp;&nbsp;&nbsp; 234,635,000 NOK | Morgan Stanley | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39432)<br>|
| 29,053,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 18,773,932 USD | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (614587)<br>|
| 16,319,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 11,687,233 USD | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (202316)<br>|
| 116,785,677,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 81,351,969 USD | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 281768 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 39,570,899,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 26,977,951 USD | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (491348)<br>|
| 366,106,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 39,901,474 USD | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135439 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,889,768,000 TWD | &nbsp;&nbsp;&nbsp;&nbsp; 126,205,913 USD | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2408775 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 11,548,208 USD | &nbsp;&nbsp;&nbsp;&nbsp; 15,905,000 CAD | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39713 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 103,877,930 USD | &nbsp;&nbsp;&nbsp;&nbsp; 83,457,000 CHF | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1483767 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 52,705,648 USD | &nbsp;&nbsp;&nbsp;&nbsp; 78,178,288,000 KRW | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1564101 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 54,483,440 USD | &nbsp;&nbsp;&nbsp;&nbsp; 78,178,288,000 KRW | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (213690)<br>|
| 123,453,345 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,889,768,000 TWD | State Street | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 343794 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 85,227,791,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 57,529,981 USD | State Street | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1569270)<br>|
| 974,985,000 TWD | &nbsp;&nbsp;&nbsp;&nbsp; 30,870,563 USD | State Street | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (123487)<br>|
| 23,302,155 USD | &nbsp;&nbsp;&nbsp;&nbsp; 31,913,000 CAD | State Street | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11263)<br>|
| 42,856,456 USD | &nbsp;&nbsp;&nbsp;&nbsp; 392,323,000 SEK | State Street | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (155817)<br>|
| 173,824,000 DKK | &nbsp;&nbsp;&nbsp;&nbsp; 27,440,840 USD | UBS | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 91316 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 86,530,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 102,053,482 USD | UBS | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 363426 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 49,898,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 38,339,576 USD | UBS | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (479468)<br>|
| 99,784,146 USD | &nbsp;&nbsp;&nbsp;&nbsp; 86,530,000 EUR | UBS | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1905910 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 15,419,516 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,372,840,000 JPY | UBS | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (271151)<br>|
| 112,372,033 USD | &nbsp;&nbsp;&nbsp;&nbsp; 95,104,000 EUR | UBS | 02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (402227)<br>|
| 15,468,459 USD | &nbsp;&nbsp;&nbsp;&nbsp; 11,584,000 GBP | Wells Fargo | 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 146193 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28313762 | &nbsp;&nbsp;&nbsp;&nbsp; (13362676)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| Galaxy Digital, Inc. | Morgan Stanley | USD | &nbsp;&nbsp; (4986280)<br>| &nbsp;&nbsp; (2230)<br>| 30.00 | &nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp; (96973)<br>| &nbsp;&nbsp; (22300)<br>|
| Pan American Silver Corp. | Morgan Stanley | USD | &nbsp;&nbsp; (4714710)<br>| &nbsp;&nbsp; (910)<br>| 65.00 | &nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp; (57754)<br>| &nbsp;&nbsp; (22750)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; (154727)<br>| &nbsp;&nbsp; (45050)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2025, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At December 31, 2025, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Lukoil PJSC | 01/25/2022-01/26/2022 | &nbsp;&nbsp; 133228 | &nbsp;&nbsp; 10912642 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(e) As a result of sanctions and restricted cross-border payments, certain payments have not been recognized by the Fund. The Fund will continue to monitor the net realizable value and record payments when it is considered collectible.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 18159308 | &nbsp;&nbsp; 787947036 | &nbsp;&nbsp; (788031117)<br>| &nbsp;&nbsp; 407 | &nbsp;&nbsp; 18075634 | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 794112 | &nbsp;&nbsp; 18081058 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| TWD | New Taiwan Dollar |
| USD | US Dollar |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  | &nbsp;&nbsp;&nbsp;&nbsp; 153124590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153124590 |
| Austria |  | &nbsp;&nbsp;&nbsp;&nbsp; 26740457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26740457 |
| Belgium | 12619126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12619126 |
| Brazil | 51949593 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51949593 |
| Canada | 146775842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146775842 |
| China |  | &nbsp;&nbsp;&nbsp;&nbsp; 78734634 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78734634 |
| Denmark |  | &nbsp;&nbsp;&nbsp;&nbsp; 60902505 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60902505 |
| Finland |  | &nbsp;&nbsp;&nbsp;&nbsp; 68586805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68586805 |
| France |  | &nbsp;&nbsp;&nbsp;&nbsp; 242864314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 242864314 |
| Germany |  | &nbsp;&nbsp;&nbsp;&nbsp; 120582673 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120582673 |
| Greece | 51374003 | &nbsp;&nbsp;&nbsp;&nbsp; 71647788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123021791 |
| Hong Kong |  | &nbsp;&nbsp;&nbsp;&nbsp; 87702250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87702250 |
| Ireland |  | &nbsp;&nbsp;&nbsp;&nbsp; 57658012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57658012 |
| Israel | 74366139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74366139 |
| Italy | 36292225 | &nbsp;&nbsp;&nbsp;&nbsp; 81444190 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117736415 |
| Japan | 53389903 | &nbsp;&nbsp;&nbsp;&nbsp; 858670081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 912059984 |
| Kazakhstan | 29540562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29540562 |
| Netherlands |  | &nbsp;&nbsp;&nbsp;&nbsp; 325283688 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325283688 |
| Norway |  | &nbsp;&nbsp;&nbsp;&nbsp; 51086637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51086637 |
| Poland |  | &nbsp;&nbsp;&nbsp;&nbsp; 70918562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70918562 |
| Russian Federation |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Singapore |  | &nbsp;&nbsp;&nbsp;&nbsp; 32545517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32545517 |
| South Africa |  | &nbsp;&nbsp;&nbsp;&nbsp; 26494482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26494482 |
| South Korea | 25555353 | &nbsp;&nbsp;&nbsp;&nbsp; 40394590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65949943 |
| Spain | 57665186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57665186 |
| Switzerland |  | &nbsp;&nbsp;&nbsp;&nbsp; 107520338 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107520338 |
| Taiwan |  | &nbsp;&nbsp;&nbsp;&nbsp; 96856488 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96856488 |
| United Arab Emirates |  | &nbsp;&nbsp;&nbsp;&nbsp; 51618063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51618063 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| United Kingdom | 142464759 | &nbsp;&nbsp;&nbsp;&nbsp; 166660696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309125455 |
| United States | 168690222 | &nbsp;&nbsp;&nbsp;&nbsp; 70160636 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238850858 |
| Total Common Stocks | 850682913 | &nbsp;&nbsp;&nbsp;&nbsp; 2948197996 | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3798880909 |
| Exchange-Traded Equity Funds | 10587692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10587692 |
| Preferred Stocks |  |  |  |  |
| South Korea |  | &nbsp;&nbsp;&nbsp;&nbsp; 30467584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30467584 |
| Total Preferred Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 30467584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30467584 |
| Money Market Funds | 18075634 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18075634 |
| Total Investments in Securities | 879346239 | &nbsp;&nbsp;&nbsp;&nbsp; 2978665580 | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3858011819 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 28313762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28313762 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (13362676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13362676)<br>|
| Call Option Contracts Written | (45050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45050)<br>|
| Total | 879301189 | &nbsp;&nbsp;&nbsp;&nbsp; 2993616666 | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3872917855 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

Forward foreign currency exchange contracts are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $3,215,415,202) | $3839936185 |
| Affiliated issuers (cost $18,075,634) | 18075634 |
| Cash | 33147 |
| Unrealized appreciation on forward foreign currency exchange contracts | 28313762 |
| Receivable for: |  |
| Investments sold | 90727 |
| Capital shares sold | 838562 |
| Dividends | 2291074 |
| Foreign tax reclaims | 6426519 |
| Prepaid expenses | 11495 |
| Total assets | 3896017105 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $154,727) | 45050 |
| Unrealized depreciation on forward foreign currency exchange contracts | 13362676 |
| Payable for: |  |
| Investments purchased | 3307716 |
| Capital shares redeemed | 4529496 |
| Foreign capital gains taxes deferred | 1900 |
| Management services fees | 80259 |
| Distribution and/or service fees | 1453 |
| Service fees | 24455 |
| Compensation of chief compliance officer | 623 |
| Compensation of board members | 2127 |
| Other expenses | 209801 |
| Deferred compensation of board members | 283181 |
| Total liabilities | 21848737 |
| **Net assets applicable to outstanding capital stock** | **$3874168368** |
| **Represented by** |  |
| Paid in capital | 2752253802 |
| Total distributable earnings (loss) | 1121914566 |
| **Total - representing net assets applicable to outstanding capital stock** | **$3874168368** |
| **Class 1** |  |
| Net assets | $3543065935 |
| Shares outstanding | 198076875 |
| Net asset value per share | $17.89 |
| **Class 2** |  |
| Net assets | $92783294 |
| Shares outstanding | 5243014 |
| Net asset value per share | $17.70 |
| **Class 3** |  |
| Net assets | $238319139 |
| Shares outstanding | 13378009 |
| Net asset value per share | $17.81 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $130609072 |
| Dividends — affiliated issuers | 794112 |
| European Union tax reclaim | 485502 |
| Foreign taxes withheld | (11501096)<br>|
| Total income | 120387590 |
| Expenses: |  |
| Management services fees | 28552122 |
| Distribution and/or service fees |  |
| Class 2 | 193670 |
| Class 3 | 268162 |
| Service fees | 214923 |
| Custodian fees | 527588 |
| Printing and postage fees | 28069 |
| Accounting services fees | 41693 |
| Legal fees | 80056 |
| Interest on collateral | 8218 |
| Interest on interfund lending | 57828 |
| Compensation of chief compliance officer | 600 |
| Compensation of board members | 50548 |
| Deferred compensation of board members | 41250 |
| Other | 643932 |
| Total expenses | 30708659 |
| **Net investment income** | 89678931 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 497473781 |
| Investments — affiliated issuers | 1278 |
| Foreign currency translations | 431817 |
| Forward foreign currency exchange contracts | 21118657 |
| Option contracts purchased | 1073181 |
| Option contracts written | 3954020 |
| Net realized gain | 524052734 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 588573251 |
| Investments — affiliated issuers | 407 |
| Foreign currency translations | 715676 |
| Forward foreign currency exchange contracts | 20674236 |
| Option contracts written | 109677 |
| Net change in unrealized appreciation (depreciation) | 610073247 |
| Net realized and unrealized gain | 1134125981 |
| **Net increase in net assets resulting from operations** | **$1223804912** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $89678931 | &nbsp;&nbsp; $82038959 |
| Net realized gain | 524052734 | &nbsp;&nbsp; 133411323 |
| Net change in unrealized appreciation (depreciation) | 610073247 | &nbsp;&nbsp; (91481811)<br>|
| Net increase in net assets resulting from operations | 1223804912 | &nbsp;&nbsp; 123968471 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (70962069)<br>| &nbsp;&nbsp; (146277223)<br>|
| Class 2 | (1268449)<br>| &nbsp;&nbsp; (3498073)<br>|
| Class 3 | (3880771)<br>| &nbsp;&nbsp; (8543620)<br>|
| Total distributions to shareholders | (76111289)<br>| &nbsp;&nbsp; (158318916)<br>|
| Increase (decrease) in net assets from capital stock activity | (846557510)<br>| &nbsp;&nbsp; 16599452 |
| Total increase (decrease) in net assets | 301136113 | &nbsp;&nbsp; (17750993)<br>|
| Net assets at beginning of year | 3573032255 | &nbsp;&nbsp; 3590783248 |
| **Net assets at end of year** | **$3874168368** | &nbsp;&nbsp; **$3573032255** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 646127 | &nbsp;&nbsp;&nbsp;&nbsp; 9827171 | &nbsp;&nbsp;&nbsp;&nbsp; 7535099 | &nbsp;&nbsp;&nbsp;&nbsp; 103504799 |
| Distributions reinvested | 4969333 | &nbsp;&nbsp;&nbsp;&nbsp; 70962069 | &nbsp;&nbsp;&nbsp;&nbsp; 11165092 | &nbsp;&nbsp;&nbsp;&nbsp; 146277223 |
| Shares redeemed | (59083439)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (921487650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14829427)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (201046595)<br>|
| Net increase (decrease) | (53467979)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (840698410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3870764 | &nbsp;&nbsp;&nbsp;&nbsp; 48735427 |
| Class 2 |  |  |  |  |
| Shares sold | 906401 | &nbsp;&nbsp;&nbsp;&nbsp; 14483606 | &nbsp;&nbsp;&nbsp;&nbsp; 416960 | &nbsp;&nbsp;&nbsp;&nbsp; 5535262 |
| Distributions reinvested | 89643 | &nbsp;&nbsp;&nbsp;&nbsp; 1268449 | &nbsp;&nbsp;&nbsp;&nbsp; 269268 | &nbsp;&nbsp;&nbsp;&nbsp; 3498073 |
| Shares redeemed | (640893)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9776972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2152198)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28643742)<br>|
| Net increase (decrease) | 355151 | &nbsp;&nbsp;&nbsp;&nbsp; 5975083 | &nbsp;&nbsp;&nbsp;&nbsp; (1465970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19610407)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 256441 | &nbsp;&nbsp;&nbsp;&nbsp; 4150103 | &nbsp;&nbsp;&nbsp;&nbsp; 53046 | &nbsp;&nbsp;&nbsp;&nbsp; 709904 |
| Distributions reinvested | 272717 | &nbsp;&nbsp;&nbsp;&nbsp; 3880771 | &nbsp;&nbsp;&nbsp;&nbsp; 654116 | &nbsp;&nbsp;&nbsp;&nbsp; 8543620 |
| Shares redeemed | (1289775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19865057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1623010)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21779092)<br>|
| Net decrease | (760617)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11834183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (915848)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12525568)<br>|
| **Total net increase (decrease)** | **(53873445)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(846557510)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1488946** | &nbsp;&nbsp;&nbsp;&nbsp; **16599452** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $13.21<br>| 0.37 <br><sup>(c)</sup><br>| 4.61<br>| 4.98<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.30) <br>|
| Year Ended 12/31/2024 | $13.35<br>| 0.31 <br><sup>(c)</sup><br>| 0.14<br>| 0.45<br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.59) <br>|
| Year Ended 12/31/2023 | $11.77<br>| 0.29<br>| 1.53<br>| 1.82<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 12/31/2022 | $15.08<br>| 0.25<br>| &nbsp;&nbsp; (2.50) <br>| &nbsp;&nbsp; (2.25) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp; (1.06) <br>|
| Year Ended 12/31/2021 | $14.18<br>| 0.29<br>| 1.12<br>| 1.41<br>| &nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.51) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $13.07<br>| 0.32 <br><sup>(c)</sup><br>| 4.58<br>| 4.90<br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.27) <br>|
| Year Ended 12/31/2024 | $13.22<br>| 0.27 <br><sup>(c)</sup><br>| 0.14<br>| 0.41<br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.56) <br>|
| Year Ended 12/31/2023 | $11.66<br>| 0.26<br>| 1.51<br>| 1.77<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.21) <br>|
| Year Ended 12/31/2022 | $14.98<br>| 0.22<br>| &nbsp;&nbsp; (2.49) <br>| &nbsp;&nbsp; (2.27) <br>| &nbsp;&nbsp; (0.09) <br>| &nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp; (1.05) <br>|
| Year Ended 12/31/2021 | $14.09<br>| 0.23<br>| 1.14<br>| 1.37<br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.48) <br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $13.16<br>| 0.35 <br><sup>(c)</sup><br>| 4.58<br>| 4.93<br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.28) <br>|
| Year Ended 12/31/2024 | $13.30<br>| 0.29 <br><sup>(c)</sup><br>| 0.15<br>| 0.44<br>| &nbsp;&nbsp; (0.58) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.58) <br>|
| Year Ended 12/31/2023 | $11.73<br>| 0.27<br>| 1.52<br>| 1.79<br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.22) <br>|
| Year Ended 12/31/2022 | $15.05<br>| 0.24<br>| &nbsp;&nbsp; (2.50) <br>| &nbsp;&nbsp; (2.26) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp; (1.06) <br>|
| Year Ended 12/31/2021 | $14.15<br>| 0.26<br>| 1.14<br>| 1.40<br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.50) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Includes income resulting from European Union tax reclaims, net of an IRS closing agreement for European Union tax reclaims, if applicable. The effect of these amounted to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Class** | **Net Investment income per share ($)** | **Net Investment income ratio (%)** |
| **Year Ended 12/31/2025** |  |  |
| Class 1 | lessthan<br> 0.01<br>| 0.01 |
| Class 2 | lessthan<br> 0.01<br>| 0.01 |
| Class 3 | lessthan<br> 0.01<br>| 0.01 |
| **Year Ended 12/31/2024** |  |  |
| Class 1 | 0.01 | 0.04 |
| Class 2 | 0.01 | 0.04 |
| Class 3 | 0.01 | 0.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios include interest on collateral expense which is less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratios include interfund lending expense which is less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.26%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3543066<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3323078<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $13.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.64%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3306525<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.68%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3242143<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.96%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3982053<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.96%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $92783<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.04% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63903<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $13.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.32%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.04% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $83999<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.90%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.04% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $77447<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $14.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.74%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.03% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $89465<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.03%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.92% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $238319<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $186052<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $13.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.47%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $200259<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.80%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $190674<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $242813<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Overseas Core Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

**Forward foreign currency exchange contracts** 

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing its investment objectives. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

**Options contracts**

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

**Effects of derivative transactions in the financial statements**

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 28313762 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 45050 |
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 13362676 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 13407726 |

---

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1073181 | &nbsp;&nbsp;&nbsp;&nbsp; 3954020 | &nbsp;&nbsp;&nbsp;&nbsp; 5027201 |
| Foreign exchange risk | &nbsp;&nbsp; 21118657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21118657 |
| Total | &nbsp;&nbsp; 21118657 | &nbsp;&nbsp;&nbsp;&nbsp; 1073181 | &nbsp;&nbsp;&nbsp;&nbsp; 3954020 | &nbsp;&nbsp;&nbsp;&nbsp; 26145858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109677 | &nbsp;&nbsp;&nbsp;&nbsp; 109677 |
| Foreign exchange risk | &nbsp;&nbsp; 20674236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20674236 |
| Total | &nbsp;&nbsp; 20674236 | &nbsp;&nbsp;&nbsp;&nbsp; 109677 | &nbsp;&nbsp;&nbsp;&nbsp; 20783913 |

---

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 211375 |
| Option contracts written | (570664)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 14325208 | &nbsp;&nbsp;&nbsp;&nbsp; (10696273)<br>|

---

**Offsetting of assets and liabilities** 

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays**  | **Citi**  | **Goldman** <br>**Sachs** <br>**International** <br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **State** <br>**Street** <br>| **UBS**  | **Wells** <br>**Fargo** <br>| **Total**  |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign <br> currency exchange <br> contracts<br>| $&nbsp;&nbsp; 1883185<br>| &nbsp;&nbsp; 12085664<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 969934<br>| &nbsp;&nbsp; 1324193<br>| &nbsp;&nbsp; 3286584<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 6257357<br>| &nbsp;&nbsp; 2360652<br>| &nbsp;&nbsp; 146193<br>| &nbsp;&nbsp; 28313762<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign <br> currency exchange <br> contracts<br>| &nbsp;&nbsp; 1644267<br>| &nbsp;&nbsp; 692566<br>| &nbsp;&nbsp; 63652<br>| &nbsp;&nbsp; 5122287<br>| &nbsp;&nbsp; 1265848<br>| &nbsp;&nbsp; 39432<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 3381778<br>| &nbsp;&nbsp; 1152846<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 13362676<br>|
| Call option <br> contracts written<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 45050<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 45050<br>|
| Total liabilities | &nbsp;&nbsp; 1644267<br>| &nbsp;&nbsp; 692566<br>| &nbsp;&nbsp; 63652<br>| &nbsp;&nbsp; 5122287<br>| &nbsp;&nbsp; 1265848<br>| &nbsp;&nbsp; 39432<br>| &nbsp;&nbsp; 45050<br>| &nbsp;&nbsp; 3381778<br>| &nbsp;&nbsp; 1152846<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 13407726<br>|
| **Total financial and** <br> **derivative net** <br> **assets**<br>| &nbsp;&nbsp; **238918**<br>| &nbsp;&nbsp; **11393098**<br>| &nbsp;&nbsp; **(63652)**<br>| &nbsp;&nbsp; **(4152353)**<br>| &nbsp;&nbsp; **58345**<br>| &nbsp;&nbsp; **3247152**<br>| &nbsp;&nbsp; **(45050)**<br>| &nbsp;&nbsp; **2875579**<br>| &nbsp;&nbsp; **1207806**<br>| &nbsp;&nbsp; **146193**<br>| &nbsp;&nbsp; **14906036**<br>|
| Total collateral <br> received <br> (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (45050)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (45050)<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **238918**<br>| &nbsp;&nbsp; **11393098**<br>| &nbsp;&nbsp; **(63652)**<br>| &nbsp;&nbsp; **(4152353)**<br>| &nbsp;&nbsp; **58345**<br>| &nbsp;&nbsp; **3247152**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **2875579**<br>| &nbsp;&nbsp; **1207806**<br>| &nbsp;&nbsp; **146193**<br>| &nbsp;&nbsp; **14951086**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the net amount due from/(to) counterparties in the event of default.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

**Distributions to subaccounts**

Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.88% to 0.62% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.75% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.985 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, passive foreign investment company (pfic) holdings, former pfic holdings, trustees' deferred compensation, foreign capital gains tax and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 78753478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79187859)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434381 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 76111289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76111289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158318916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158318916 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 332560155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254678247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534385077 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 3338532779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700032439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165647362)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534385077 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2025, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87932912 |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $2,128,534,248 and $2,932,245,475, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 25623529 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |

---

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 99.2% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Overseas Core Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Overseas Core Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Capital** <br>**gain** <br>**dividend**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**per share** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income** <br>**per share**<br>|
| $267412159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11843385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $128631500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.59 |

---

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

The Fund (or fund in which the Fund invests) has received a refund of foreign taxes previously reported and passed through in prior years (a "foreign tax redetermination"). Shareholders who claimed foreign tax credits with respect to such foreign taxes previously reported in prior years may also have a foreign tax redetermination and may need to file amended tax returns to account for such taxes refunded to the Fund. The amount of tax refunded, and years to which the tax relates, are available on the Taxes & Distributions page of columbiathreadneedleus.com/investor/, along with certain other information about the refunded tax. See your tax advisor. The amounts reported in the table above have not been reduced for any foreign tax redeterminations.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2026.

Columbia Variable Portfolio – Overseas Core Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Columbia Variable Portfolio – Overseas Core Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img28e887982.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7018_12_E01_(02/26)

------

![](g245812img10932aed1.jpg)

Columbia Variable Portfolio – Large Cap Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_d4bfacdd-2e80-4f53-96cb-1dab7917cb02_POI-CommonContent-Date-246_1) | 3 |
| [Statement of Assets and Liabilities](#xx_d4bfacdd-2e80-4f53-96cb-1dab7917cb02_FS-CommonContent-Date-246_1) | 6 |
| [Statement of Operations](#xx_d4bfacdd-2e80-4f53-96cb-1dab7917cb02_FS-CommonContent-Date-246_2) | 7 |
| [Statement of Changes in Net Assets](#xx_d4bfacdd-2e80-4f53-96cb-1dab7917cb02_FS-CommonContent-Date-246_3) | 8 |
| [Financial Highlights](#xx_d4bfacdd-2e80-4f53-96cb-1dab7917cb02_FIHI-CommonContent-Date-246_2) | 10 |
| [Notes to Financial Statements](#xx_d4bfacdd-2e80-4f53-96cb-1dab7917cb02_NTF-CommonContent-Date-246_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_d4bfacdd-2e80-4f53-96cb-1dab7917cb02_AUD-CommonContent-Date-246_1) | 21 |

---

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.7%** | **Common Stocks 99.7%** | **Common Stocks 99.7%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 14.6%** | **Communication Services 14.6%** | **Communication Services 14.6%** |
| **Entertainment 2.8%** | **Entertainment 2.8%** | **Entertainment 2.8%** |
| Netflix, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 618503 | &nbsp;&nbsp; 57990841 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp; 97339 | &nbsp;&nbsp; 20343851 |
| Total |  | &nbsp;&nbsp; 78334692 |
| **Interactive Media & Services 11.8%** | **Interactive Media & Services 11.8%** | **Interactive Media & Services 11.8%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 448143 | &nbsp;&nbsp; 140268759 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 174367 | &nbsp;&nbsp; 54716365 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 193798 | &nbsp;&nbsp; 127924122 |
| Total |  | &nbsp;&nbsp; 322909246 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **401243938** |
| **Consumer Discretionary 13.9%** | **Consumer Discretionary 13.9%** | **Consumer Discretionary 13.9%** |
| **Automobiles 2.1%** | **Automobiles 2.1%** | **Automobiles 2.1%** |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 125645 | &nbsp;&nbsp; 56505069 |
| **Broadline Retail 6.0%** | **Broadline Retail 6.0%** | **Broadline Retail 6.0%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 715531 | &nbsp;&nbsp; 165158865 |
| **Hotels, Restaurants & Leisure 3.3%** | **Hotels, Restaurants & Leisure 3.3%** | **Hotels, Restaurants & Leisure 3.3%** |
| DraftKings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 439922 | &nbsp;&nbsp; 15159712 |
| Expedia Group, Inc. | &nbsp;&nbsp; 84914 | &nbsp;&nbsp; 24056985 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 84806 | &nbsp;&nbsp; 24360524 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 92292 | &nbsp;&nbsp; 25742085 |
| Total |  | &nbsp;&nbsp; 89319306 |
| **Specialty Retail 1.8%** | **Specialty Retail 1.8%** | **Specialty Retail 1.8%** |
| Gap, Inc. (The) | &nbsp;&nbsp; 753188 | &nbsp;&nbsp; 19281613 |
| TJX Companies, Inc. (The) | &nbsp;&nbsp; 202741 | &nbsp;&nbsp; 31143045 |
| Total |  | &nbsp;&nbsp; 50424658 |
| **Textiles, Apparel & Luxury Goods 0.7%** | **Textiles, Apparel & Luxury Goods 0.7%** | **Textiles, Apparel & Luxury Goods 0.7%** |
| NIKE, Inc., Class B | &nbsp;&nbsp; 310880 | &nbsp;&nbsp; 19806165 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **381214063** |
| **Consumer Staples 2.6%** | **Consumer Staples 2.6%** | **Consumer Staples 2.6%** |
| **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** |
| Costco Wholesale Corp. | &nbsp;&nbsp; 64641 | &nbsp;&nbsp; 55742520 |
| **Household Products 0.6%** | **Household Products 0.6%** | **Household Products 0.6%** |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 112540 | &nbsp;&nbsp; 16128107 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **71870627** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Financials 6.0%** | **Financials 6.0%** | **Financials 6.0%** |
| **Banks 2.1%** | **Banks 2.1%** | **Banks 2.1%** |
| Bank of America Corp. | &nbsp;&nbsp; 556747 | &nbsp;&nbsp; 30621085 |
| Citigroup, Inc. | &nbsp;&nbsp; 225226 | &nbsp;&nbsp; 26281622 |
| Total |  | &nbsp;&nbsp; 56902707 |
| **Capital Markets 1.0%** | **Capital Markets 1.0%** | **Capital Markets 1.0%** |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 30454 | &nbsp;&nbsp; 26769066 |
| **Financial Services 2.9%** | **Financial Services 2.9%** | **Financial Services 2.9%** |
| Visa, Inc., Class A | &nbsp;&nbsp; 226642 | &nbsp;&nbsp; 79485616 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **163157389** |
| **Health Care 8.5%** | **Health Care 8.5%** | **Health Care 8.5%** |
| **Biotechnology 2.7%** | **Biotechnology 2.7%** | **Biotechnology 2.7%** |
| Exact Sciences Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 238348 | &nbsp;&nbsp; 24206623 |
| Insmed, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 69104 | &nbsp;&nbsp; 12026860 |
| Revolution Medicines, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 203273 | &nbsp;&nbsp; 16190694 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 49178 | &nbsp;&nbsp; 22295338 |
| Total |  | &nbsp;&nbsp; 74719515 |
| **Health Care Equipment & Supplies 1.2%** | **Health Care Equipment & Supplies 1.2%** | **Health Care Equipment & Supplies 1.2%** |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 58425 | &nbsp;&nbsp; 33089583 |
| **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** |
| Illumina, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 170400 | &nbsp;&nbsp; 22349664 |
| **Pharmaceuticals 3.8%** | **Pharmaceuticals 3.8%** | **Pharmaceuticals 3.8%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 95948 | &nbsp;&nbsp; 103113397 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **233272159** |
| **Industrials 4.1%** | **Industrials 4.1%** | **Industrials 4.1%** |
| **Aerospace & Defense 0.8%** | **Aerospace & Defense 0.8%** | **Aerospace & Defense 0.8%** |
| General Dynamics Corp. | &nbsp;&nbsp; 60196 | &nbsp;&nbsp; 20265585 |
| **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** |
| Cintas Corp. | &nbsp;&nbsp; 91466 | &nbsp;&nbsp; 17202011 |
| **Electrical Equipment 1.4%** | **Electrical Equipment 1.4%** | **Electrical Equipment 1.4%** |
| Eaton Corp. PLC | &nbsp;&nbsp; 41964 | &nbsp;&nbsp; 13365954 |
| Vertiv Holdings Co. | &nbsp;&nbsp; 157636 | &nbsp;&nbsp; 25538608 |
| Total |  | &nbsp;&nbsp; 38904562 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Ground Transportation 1.3%** | **Ground Transportation 1.3%** | **Ground Transportation 1.3%** |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 424168 | &nbsp;&nbsp; 34658767 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **111030925** |
| **Information Technology 49.3%** | **Information Technology 49.3%** | **Information Technology 49.3%** |
| **Communications Equipment 1.2%** | **Communications Equipment 1.2%** | **Communications Equipment 1.2%** |
| Arista Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 259591 | &nbsp;&nbsp; 34014209 |
| **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** |
| TE Connectivity PLC | &nbsp;&nbsp; 79987 | &nbsp;&nbsp; 18197843 |
| **Semiconductors & Semiconductor Equipment 19.1%** | **Semiconductors & Semiconductor Equipment 19.1%** | **Semiconductors & Semiconductor Equipment 19.1%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 169499 | &nbsp;&nbsp; 36299906 |
| Broadcom, Inc. | &nbsp;&nbsp; 379900 | &nbsp;&nbsp; 131483390 |
| NVIDIA Corp. | &nbsp;&nbsp; 1914933 | &nbsp;&nbsp; 357135004 |
| Total |  | &nbsp;&nbsp; 524918300 |
| **Software 17.7%** | **Software 17.7%** | **Software 17.7%** |
| Atlassian Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 146037 | &nbsp;&nbsp; 23678439 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 60992 | &nbsp;&nbsp; 28590610 |
| Datadog, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 157753 | &nbsp;&nbsp; 21452830 |
| Microsoft Corp. | &nbsp;&nbsp; 589217 | &nbsp;&nbsp; 284957126 |
| Oracle Corp. | &nbsp;&nbsp; 196517 | &nbsp;&nbsp; 38303128 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 112505 | &nbsp;&nbsp; 19997764 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 174574 | &nbsp;&nbsp; 32156531 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 229195 | &nbsp;&nbsp; 35110382 |
| Total |  | &nbsp;&nbsp; 484246810 |
| **Technology Hardware, Storage & Peripherals 10.6%** | **Technology Hardware, Storage & Peripherals 10.6%** | **Technology Hardware, Storage & Peripherals 10.6%** |
| Apple, Inc. | &nbsp;&nbsp; 1067912 | &nbsp;&nbsp; 290322556 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1351699718** |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| **Specialized REITs 0.7%** | **Specialized REITs 0.7%** | **Specialized REITs 0.7%** |
| Equinix, Inc. | &nbsp;&nbsp; 24806 | &nbsp;&nbsp; 19005365 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **19005365** |
| Total Common Stocks <br>(Cost $1,401,266,766) | Total Common Stocks <br>(Cost $1,401,266,766) | &nbsp;&nbsp; **2732494184** |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 11718152 | &nbsp;&nbsp; 11714637 |
| Total Money Market Funds <br>(Cost $11,714,637) | Total Money Market Funds <br>(Cost $11,714,637) | &nbsp;&nbsp; **11714637** |
| **Total Investments in Securities** <br>**(Cost: $1,412,981,403)** | **Total Investments in Securities** <br>**(Cost: $1,412,981,403)** | &nbsp;&nbsp; **2744208821** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(3036750)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2741172071** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 9726031 | &nbsp;&nbsp; 520041037 | &nbsp;&nbsp; (518052431)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11714637 | &nbsp;&nbsp; 1713 | &nbsp;&nbsp; 689504 | &nbsp;&nbsp; 11718152 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 401243938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 401243938 |
| Consumer Discretionary | 381214063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 381214063 |
| Consumer Staples | 71870627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71870627 |
| Financials | 163157389 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163157389 |
| Health Care | 233272159 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233272159 |
| Industrials | 111030925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111030925 |
| Information Technology | 1351699718 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1351699718 |
| Real Estate | 19005365 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19005365 |
| Total Common Stocks | 2732494184 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2732494184 |
| Money Market Funds | 11714637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11714637 |
| Total Investments in Securities | 2744208821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2744208821 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,401,266,766) | $2732494184 |
| Affiliated issuers (cost $11,714,637) | 11714637 |
| Cash | 2341 |
| Receivable for: |  |
| Capital shares sold | 2914 |
| Dividends | 269120 |
| Prepaid expenses | 9243 |
| Total assets | 2744492439 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 2823044 |
| Management services fees | 51037 |
| Distribution and/or service fees | 2902 |
| Service fees | 77580 |
| Compensation of chief compliance officer | 433 |
| Compensation of board members | 1610 |
| Other expenses | 37732 |
| Deferred compensation of board members | 326030 |
| Total liabilities | 3320368 |
| **Net assets applicable to outstanding capital stock** | **$2741172071** |
| **Represented by** |  |
| Trust capital | $2741172071 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2741172071** |
| **Class 1** |  |
| Net assets | $2157553219 |
| Shares outstanding | 37944729 |
| Net asset value per share | $56.86 |
| **Class 2** |  |
| Net assets | $257219197 |
| Shares outstanding | 4704697 |
| Net asset value per share | $54.67 |
| **Class 3** |  |
| Net assets | $326399655 |
| Shares outstanding | 5848174 |
| Net asset value per share | $55.81 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $12363756 |
| Dividends — affiliated issuers | 689504 |
| Total income | 13053260 |
| Expenses: |  |
| Management services fees | 17480982 |
| Distribution and/or service fees |  |
| Class 2 | 603251 |
| Class 3 | 389913 |
| Service fees | 647098 |
| Custodian fees | 18345 |
| Printing and postage fees | 20865 |
| Accounting services fees | 32423 |
| Legal fees | 60165 |
| Compensation of chief compliance officer | 450 |
| Compensation of board members | 38183 |
| Deferred compensation of board members | 39710 |
| Other | 40858 |
| Total expenses | 19372243 |
| **Net investment loss** | (6318983)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 419914565 |
| Investments — affiliated issuers | 1713 |
| Option contracts written | 56215 |
| Net realized gain | 419972493 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (8362910)<br>|
| Net change in unrealized appreciation (depreciation) | (8362910)<br>|
| Net realized and unrealized gain | 411609583 |
| **Net increase in net assets resulting from operations** | **$405290600** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment loss | $(6318983)<br>| &nbsp;&nbsp; $(4991667)<br>|
| Net realized gain | 419972493 | &nbsp;&nbsp; 333447047 |
| Net change in unrealized appreciation (depreciation) | (8362910)<br>| &nbsp;&nbsp; 322572447 |
| Net increase in net assets resulting from operations | 405290600 | &nbsp;&nbsp; 651027827 |
| Decrease in net assets from capital stock activity | (157179922)<br>| &nbsp;&nbsp; (423019633)<br>|
| Total increase in net assets | 248110678 | &nbsp;&nbsp; 228008194 |
| Net assets at beginning of year | 2493061393 | &nbsp;&nbsp; 2265053199 |
| **Net assets at end of year** | **$2741172071** | &nbsp;&nbsp; **$2493061393** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 7254932 | &nbsp;&nbsp;&nbsp;&nbsp; 360052115 | &nbsp;&nbsp;&nbsp;&nbsp; 2133046 | &nbsp;&nbsp;&nbsp;&nbsp; 103726461 |
| Shares redeemed | (8944958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (464671162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11034447)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (485877364)<br>|
| Net decrease | (1690026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104619047)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8901401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (382150903)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 432386 | &nbsp;&nbsp;&nbsp;&nbsp; 20292415 | &nbsp;&nbsp;&nbsp;&nbsp; 448501 | &nbsp;&nbsp;&nbsp;&nbsp; 18936768 |
| Shares redeemed | (747647)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36858847)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (751916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32170946)<br>|
| Net decrease | (315261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16566432)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (303415)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13234178)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 24784 | &nbsp;&nbsp;&nbsp;&nbsp; 1176566 | &nbsp;&nbsp;&nbsp;&nbsp; 111548 | &nbsp;&nbsp;&nbsp;&nbsp; 4671272 |
| Shares redeemed | (736768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37171009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (748673)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32305824)<br>|
| Net decrease | (711984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35994443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (637125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27634552)<br>|
| **Total net decrease** | **(2717271)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(157179922)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(9841941)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(423019633)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $48.96<br>| &nbsp;&nbsp; (0.11) <br>| 8.01<br>| 7.90<br>|
| Year Ended 12/31/2024 | $37.28<br>| &nbsp;&nbsp; (0.07) <br>| 11.75<br>| 11.68<br>|
| Year Ended 12/31/2023 | $26.04<br>| 0.04<br>| 11.20<br>| 11.24<br>|
| Year Ended 12/31/2022 | $37.95<br>| 0.04<br>| &nbsp;&nbsp; (11.95) <br>| &nbsp;&nbsp; (11.91) <br>|
| Year Ended 12/31/2021 | $29.48<br>| 0.01<br>| 8.46<br>| 8.47<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $47.19<br>| &nbsp;&nbsp; (0.22) <br>| 7.70<br>| 7.48<br>|
| Year Ended 12/31/2024 | $36.02<br>| &nbsp;&nbsp; (0.18) <br>| 11.35<br>| 11.17<br>|
| Year Ended 12/31/2023 | $25.23<br>| &nbsp;&nbsp; (0.04) <br>| 10.83<br>| 10.79<br>|
| Year Ended 12/31/2022 | $36.85<br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (11.59) <br>| &nbsp;&nbsp; (11.62) <br>|
| Year Ended 12/31/2021 | $28.71<br>| &nbsp;&nbsp; (0.07) <br>| 8.21<br>| 8.14<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $48.12<br>| &nbsp;&nbsp; (0.17) <br>| 7.86<br>| 7.69<br>|
| Year Ended 12/31/2024 | $36.68<br>| &nbsp;&nbsp; (0.13) <br>| 11.57<br>| 11.44<br>|
| Year Ended 12/31/2023 | $25.66<br>| &nbsp;&nbsp; (0.00) <br>| 11.02<br>| 11.02<br>|
| Year Ended 12/31/2022 | $37.43<br>| 0.00<br>| &nbsp;&nbsp; (11.77) <br>| &nbsp;&nbsp; (11.77) <br>|
| Year Ended 12/31/2021 | $29.12<br>| &nbsp;&nbsp; (0.03) <br>| 8.34<br>| 8.31<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $56.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2157553<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $48.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1940502<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $37.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1809289<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $26.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31.38%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1624014<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $37.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2205624<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $54.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $257219<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $47.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $236907<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $36.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $191760<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $25.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31.53%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $140088<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $201389<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $55.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $326400<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $48.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $315652<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $36.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $264004<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $25.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31.44%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $198985<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $37.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $327799<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Large Cap Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

**Options contracts**

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

**Effects of derivative transactions in the financial statements**

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

At December 31, 2025, the Fund had no outstanding derivatives.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Option** <br>**contracts** <br>**written** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 56215 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts written | (180)<br>|

---

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.68% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.03% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,114,845,854 and $1,281,416,509, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 92.5% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Large Cap Growth Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Large Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Large Cap Growth Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Columbia Variable Portfolio – Large Cap Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgd44fd1252.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7013_12_E01_(02/26)

------

![](g245812img5829057d1.jpg)

Columbia Variable Portfolio – Large Cap Index Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_5d2cbf24-c07a-4250-adc6-82bcdb78f066_POI-CommonContent-Date-249_1) | 3 |
| [Statement of Assets and Liabilities](#xx_5d2cbf24-c07a-4250-adc6-82bcdb78f066_FS-CommonContent-Date-249_1) | 14 |
| [Statement of Operations](#xx_5d2cbf24-c07a-4250-adc6-82bcdb78f066_FS-CommonContent-Date-249_2) | 15 |
| [Statement of Changes in Net Assets](#xx_5d2cbf24-c07a-4250-adc6-82bcdb78f066_FS-CommonContent-Date-249_3) | 16 |
| [Financial Highlights](#xx_5d2cbf24-c07a-4250-adc6-82bcdb78f066_FIHI-CommonContent-Date-249_2) | 18 |
| [Notes to Financial Statements](#xx_5d2cbf24-c07a-4250-adc6-82bcdb78f066_NTF-CommonContent-Date-249_1) | 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_5d2cbf24-c07a-4250-adc6-82bcdb78f066_AUD-CommonContent-Date-249_1) | 29 |

---

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.6%** | **Common Stocks 98.6%** | **Common Stocks 98.6%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 10.4%** | **Communication Services 10.4%** | **Communication Services 10.4%** |
| **Diversified Telecommunication Services 0.6%** | **Diversified Telecommunication Services 0.6%** | **Diversified Telecommunication Services 0.6%** |
| AT&T, Inc. | &nbsp;&nbsp; 294211 | &nbsp;&nbsp; 7308201 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 174980 | &nbsp;&nbsp; 7126936 |
| Total |  | &nbsp;&nbsp; 14435137 |
| **Entertainment 1.3%** | **Entertainment 1.3%** | **Entertainment 1.3%** |
| Electronic Arts, Inc. | &nbsp;&nbsp; 9315 | &nbsp;&nbsp; 1903334 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6553 | &nbsp;&nbsp; 933802 |
| Netflix, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 175848 | &nbsp;&nbsp; 16487508 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7208 | &nbsp;&nbsp; 1845464 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp; 2751 | &nbsp;&nbsp; 574959 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 74089 | &nbsp;&nbsp; 8429106 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 102835 | &nbsp;&nbsp; 2963705 |
| Total |  | &nbsp;&nbsp; 33137878 |
| **Interactive Media & Services 8.0%** | **Interactive Media & Services 8.0%** | **Interactive Media & Services 8.0%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 241445 | &nbsp;&nbsp; 75572285 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 192974 | &nbsp;&nbsp; 60555241 |
| Match Group, Inc. | &nbsp;&nbsp; 9797 | &nbsp;&nbsp; 316345 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 90382 | &nbsp;&nbsp; 59660255 |
| Total |  | &nbsp;&nbsp; 196104126 |
| **Media 0.3%** | **Media 0.3%** | **Media 0.3%** |
| Charter Communications, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 3652 | &nbsp;&nbsp; 762355 |
| Comcast Corp., Class A | &nbsp;&nbsp; 150828 | &nbsp;&nbsp; 4508249 |
| Fox Corp., Class A | &nbsp;&nbsp; 8647 | &nbsp;&nbsp; 631836 |
| Fox Corp., Class B | &nbsp;&nbsp; 6159 | &nbsp;&nbsp; 399904 |
| News Corp., Class A | &nbsp;&nbsp; 15541 | &nbsp;&nbsp; 405931 |
| News Corp., Class B | &nbsp;&nbsp; 5123 | &nbsp;&nbsp; 151794 |
| Omnicom Group, Inc. | &nbsp;&nbsp; 13238 | &nbsp;&nbsp; 1068969 |
| Paramount Skydance Corp., Class B | &nbsp;&nbsp; 12897 | &nbsp;&nbsp; 172820 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 18273 | &nbsp;&nbsp; 693643 |
| Total |  | &nbsp;&nbsp; 8795501 |
| **Wireless Telecommunication Services 0.2%** | **Wireless Telecommunication Services 0.2%** | **Wireless Telecommunication Services 0.2%** |
| T-Mobile US, Inc. | &nbsp;&nbsp; 19960 | &nbsp;&nbsp; 4052678 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **256525320** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** | **Consumer Discretionary 10.3%** |
| **Automobile Components 0.0%** | **Automobile Components 0.0%** | **Automobile Components 0.0%** |
| Aptiv PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 8967 | &nbsp;&nbsp; 682299 |
| **Automobiles 2.4%** | **Automobiles 2.4%** | **Automobiles 2.4%** |
| Ford Motor Co. | &nbsp;&nbsp; 162415 | &nbsp;&nbsp; 2130885 |
| General Motors Co. | &nbsp;&nbsp; 38713 | &nbsp;&nbsp; 3148141 |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 116612 | &nbsp;&nbsp; 52442749 |
| Total |  | &nbsp;&nbsp; 57721775 |
| **Broadline Retail 3.9%** | **Broadline Retail 3.9%** | **Broadline Retail 3.9%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 403713 | &nbsp;&nbsp; 93185034 |
| eBay, Inc. | &nbsp;&nbsp; 18758 | &nbsp;&nbsp; 1633822 |
| Total |  | &nbsp;&nbsp; 94818856 |
| **Distributors 0.0%** | **Distributors 0.0%** | **Distributors 0.0%** |
| Genuine Parts Co. | &nbsp;&nbsp; 5773 | &nbsp;&nbsp; 709848 |
| Pool Corp. | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 311100 |
| Total |  | &nbsp;&nbsp; 1020948 |
| **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** |
| Airbnb, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 17650 | &nbsp;&nbsp; 2395458 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 1338 | &nbsp;&nbsp; 7165432 |
| Carnival Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 45061 | &nbsp;&nbsp; 1376163 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 54874 | &nbsp;&nbsp; 2030338 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 4827 | &nbsp;&nbsp; 888265 |
| Domino's Pizza, Inc. | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 537698 |
| DoorDash, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 15514 | &nbsp;&nbsp; 3513611 |
| Expedia Group, Inc. | &nbsp;&nbsp; 4856 | &nbsp;&nbsp; 1375753 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 9646 | &nbsp;&nbsp; 2770814 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 12626 | &nbsp;&nbsp; 821826 |
| Marriott International, Inc., Class A | &nbsp;&nbsp; 9243 | &nbsp;&nbsp; 2867548 |
| McDonald's Corp. | &nbsp;&nbsp; 29554 | &nbsp;&nbsp; 9032589 |
| MGM Resorts International<sup>(a)</sup> <br>| &nbsp;&nbsp; 8513 | &nbsp;&nbsp; 310639 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18893 | &nbsp;&nbsp; 421692 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 10525 | &nbsp;&nbsp; 2935633 |
| Starbucks Corp. | &nbsp;&nbsp; 47181 | &nbsp;&nbsp; 3973112 |
| Wynn Resorts Ltd. | &nbsp;&nbsp; 3504 | &nbsp;&nbsp; 421636 |
| Yum! Brands, Inc. | &nbsp;&nbsp; 11523 | &nbsp;&nbsp; 1743199 |
| Total |  | &nbsp;&nbsp; 44581406 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Household Durables 0.2%** | **Household Durables 0.2%** | **Household Durables 0.2%** |
| D.R. Horton, Inc. | &nbsp;&nbsp; 11365 | &nbsp;&nbsp; 1636901 |
| Garmin Ltd. | &nbsp;&nbsp; 6785 | &nbsp;&nbsp; 1376337 |
| Lennar Corp., Class A | &nbsp;&nbsp; 8954 | &nbsp;&nbsp; 920471 |
| NVR, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 118 | &nbsp;&nbsp; 860547 |
| PulteGroup, Inc. | &nbsp;&nbsp; 8089 | &nbsp;&nbsp; 948516 |
| Total |  | &nbsp;&nbsp; 5742772 |
| **Leisure Products 0.0%** | **Leisure Products 0.0%** | **Leisure Products 0.0%** |
| Hasbro, Inc. | &nbsp;&nbsp; 5533 | &nbsp;&nbsp; 453706 |
| **Specialty Retail 1.7%** | **Specialty Retail 1.7%** | **Specialty Retail 1.7%** |
| AutoZone, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 690 | &nbsp;&nbsp; 2340135 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 8109 | &nbsp;&nbsp; 542735 |
| Carvana Co.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5869 | &nbsp;&nbsp; 2476835 |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 41308 | &nbsp;&nbsp; 14214083 |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 23274 | &nbsp;&nbsp; 5612758 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35030 | &nbsp;&nbsp; 3195086 |
| Ross Stores, Inc. | &nbsp;&nbsp; 13497 | &nbsp;&nbsp; 2431350 |
| TJX Companies, Inc. (The) | &nbsp;&nbsp; 46187 | &nbsp;&nbsp; 7094785 |
| Tractor Supply Co. | &nbsp;&nbsp; 21929 | &nbsp;&nbsp; 1096669 |
| Ulta Beauty, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1861 | &nbsp;&nbsp; 1125924 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 5054 | &nbsp;&nbsp; 902594 |
| Total |  | &nbsp;&nbsp; 41032954 |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |
| Deckers Outdoor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6048 | &nbsp;&nbsp; 626996 |
| lululemon athletica, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4478 | &nbsp;&nbsp; 930573 |
| NIKE, Inc., Class B | &nbsp;&nbsp; 49356 | &nbsp;&nbsp; 3144471 |
| Ralph Lauren Corp. | &nbsp;&nbsp; 1608 | &nbsp;&nbsp; 568605 |
| Tapestry, Inc. | &nbsp;&nbsp; 8493 | &nbsp;&nbsp; 1085151 |
| Total |  | &nbsp;&nbsp; 6355796 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **252410512** |
| **Consumer Staples 4.6%** | **Consumer Staples 4.6%** | **Consumer Staples 4.6%** |
| **Beverages 1.0%** | **Beverages 1.0%** | **Beverages 1.0%** |
| Brown-Forman Corp., Class B | &nbsp;&nbsp; 7308 | &nbsp;&nbsp; 190447 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 160664 | &nbsp;&nbsp; 11232020 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 5850 | &nbsp;&nbsp; 807066 |
| Keurig Dr. Pepper, Inc. | &nbsp;&nbsp; 56381 | &nbsp;&nbsp; 1579232 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 7026 | &nbsp;&nbsp; 327974 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Monster Beverage Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29599 | &nbsp;&nbsp; 2269355 |
| PepsiCo, Inc. | &nbsp;&nbsp; 56744 | &nbsp;&nbsp; 8143899 |
| Total |  | &nbsp;&nbsp; 24549993 |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| Costco Wholesale Corp. | &nbsp;&nbsp; 18392 | &nbsp;&nbsp; 15860157 |
| Dollar General Corp. | &nbsp;&nbsp; 9134 | &nbsp;&nbsp; 1212721 |
| Dollar Tree, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7872 | &nbsp;&nbsp; 968335 |
| Kroger Co. (The) | &nbsp;&nbsp; 25301 | &nbsp;&nbsp; 1580807 |
| Sysco Corp. | &nbsp;&nbsp; 19873 | &nbsp;&nbsp; 1464441 |
| Target Corp. | &nbsp;&nbsp; 18857 | &nbsp;&nbsp; 1843272 |
| Walmart, Inc. | &nbsp;&nbsp; 181979 | &nbsp;&nbsp; 20274280 |
| Total |  | &nbsp;&nbsp; 43204013 |
| **Food Products 0.4%** | **Food Products 0.4%** | **Food Products 0.4%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 19943 | &nbsp;&nbsp; 1146523 |
| Bunge Global SA | &nbsp;&nbsp; 5617 | &nbsp;&nbsp; 500362 |
| Campbell's Co. (The) | &nbsp;&nbsp; 8154 | &nbsp;&nbsp; 227252 |
| ConAgra Foods, Inc. | &nbsp;&nbsp; 19851 | &nbsp;&nbsp; 343621 |
| General Mills, Inc. | &nbsp;&nbsp; 22137 | &nbsp;&nbsp; 1029370 |
| Hershey Co. (The) | &nbsp;&nbsp; 6149 | &nbsp;&nbsp; 1118995 |
| Hormel Foods Corp. | &nbsp;&nbsp; 12097 | &nbsp;&nbsp; 286699 |
| JM Smucker Co. (The) | &nbsp;&nbsp; 4427 | &nbsp;&nbsp; 433005 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 35367 | &nbsp;&nbsp; 857650 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp; 5783 | &nbsp;&nbsp; 242250 |
| McCormick & Co., Inc. | &nbsp;&nbsp; 10509 | &nbsp;&nbsp; 715768 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 53549 | &nbsp;&nbsp; 2882543 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp; 11746 | &nbsp;&nbsp; 688550 |
| Total |  | &nbsp;&nbsp; 10472588 |
| **Household Products 0.8%** | **Household Products 0.8%** | **Household Products 0.8%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; 9965 | &nbsp;&nbsp; 835565 |
| Clorox Co. (The) | &nbsp;&nbsp; 5062 | &nbsp;&nbsp; 510402 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 33451 | &nbsp;&nbsp; 2643298 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 13772 | &nbsp;&nbsp; 1389457 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 96974 | &nbsp;&nbsp; 13897344 |
| Total |  | &nbsp;&nbsp; 19276066 |
| **Personal Care Products 0.1%** | **Personal Care Products 0.1%** | **Personal Care Products 0.1%** |
| Estee Lauder Companies, Inc. (The), Class A | &nbsp;&nbsp; 10203 | &nbsp;&nbsp; 1068458 |
| Kenvue, Inc. | &nbsp;&nbsp; 79505 | &nbsp;&nbsp; 1371462 |
| Total |  | &nbsp;&nbsp; 2439920 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Tobacco 0.6%** | **Tobacco 0.6%** | **Tobacco 0.6%** |
| Altria Group, Inc. | &nbsp;&nbsp; 69664 | &nbsp;&nbsp; 4016826 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 64600 | &nbsp;&nbsp; 10361840 |
| Total |  | &nbsp;&nbsp; 14378666 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **114321246** |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** |
| Baker Hughes Co. | &nbsp;&nbsp; 40951 | &nbsp;&nbsp; 1864909 |
| Halliburton Co. | &nbsp;&nbsp; 34927 | &nbsp;&nbsp; 987037 |
| SLB Ltd. | &nbsp;&nbsp; 61997 | &nbsp;&nbsp; 2379445 |
| Total |  | &nbsp;&nbsp; 5231391 |
| **Oil, Gas & Consumable Fuels 2.6%** | **Oil, Gas & Consumable Fuels 2.6%** | **Oil, Gas & Consumable Fuels 2.6%** |
| APA Corp. | &nbsp;&nbsp; 14719 | &nbsp;&nbsp; 360027 |
| Chevron Corp. | &nbsp;&nbsp; 78547 | &nbsp;&nbsp; 11971348 |
| ConocoPhillips Co. | &nbsp;&nbsp; 51282 | &nbsp;&nbsp; 4800508 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 31597 | &nbsp;&nbsp; 831633 |
| Devon Energy Corp. | &nbsp;&nbsp; 26033 | &nbsp;&nbsp; 953589 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 7729 | &nbsp;&nbsp; 1161901 |
| EOG Resources, Inc. | &nbsp;&nbsp; 22518 | &nbsp;&nbsp; 2364615 |
| EQT Corp. | &nbsp;&nbsp; 25899 | &nbsp;&nbsp; 1388186 |
| Expand Energy Corp. | &nbsp;&nbsp; 9884 | &nbsp;&nbsp; 1090798 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 175011 | &nbsp;&nbsp; 21060824 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 81248 | &nbsp;&nbsp; 2233507 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 12475 | &nbsp;&nbsp; 2028809 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 29847 | &nbsp;&nbsp; 1227309 |
| ONEOK, Inc. | &nbsp;&nbsp; 26113 | &nbsp;&nbsp; 1919305 |
| Phillips 66 | &nbsp;&nbsp; 16721 | &nbsp;&nbsp; 2157678 |
| Targa Resources Corp. | &nbsp;&nbsp; 8908 | &nbsp;&nbsp; 1643526 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 2403 | &nbsp;&nbsp; 690190 |
| Valero Energy Corp. | &nbsp;&nbsp; 12658 | &nbsp;&nbsp; 2060596 |
| Williams Companies, Inc. (The) | &nbsp;&nbsp; 50680 | &nbsp;&nbsp; 3046375 |
| Total |  | &nbsp;&nbsp; 62990724 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **68222115** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Financials 13.2%** | **Financials 13.2%** | **Financials 13.2%** |
| **Banks 3.6%** | **Banks 3.6%** | **Banks 3.6%** |
| Bank of America Corp. | &nbsp;&nbsp; 278807 | &nbsp;&nbsp; 15334385 |
| Citigroup, Inc. | &nbsp;&nbsp; 74255 | &nbsp;&nbsp; 8664816 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp; 17824 | &nbsp;&nbsp; 1041100 |
| Fifth Third Bancorp | &nbsp;&nbsp; 27432 | &nbsp;&nbsp; 1284092 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp; 65245 | &nbsp;&nbsp; 1132001 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 112973 | &nbsp;&nbsp; 36402160 |
| KeyCorp | &nbsp;&nbsp; 38552 | &nbsp;&nbsp; 795713 |
| M&T Bank Corp. | &nbsp;&nbsp; 6378 | &nbsp;&nbsp; 1285039 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp; 16274 | &nbsp;&nbsp; 3396872 |
| Regions Financial Corp. | &nbsp;&nbsp; 36390 | &nbsp;&nbsp; 986169 |
| Truist Financial Corp. | &nbsp;&nbsp; 53088 | &nbsp;&nbsp; 2612461 |
| U.S. Bancorp | &nbsp;&nbsp; 64508 | &nbsp;&nbsp; 3442147 |
| Wells Fargo & Co. | &nbsp;&nbsp; 130271 | &nbsp;&nbsp; 12141257 |
| Total |  | &nbsp;&nbsp; 88518212 |
| **Capital Markets 3.4%** | **Capital Markets 3.4%** | **Capital Markets 3.4%** |
| Ameriprise Financial, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 3856 | &nbsp;&nbsp; 1890751 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 8549 | &nbsp;&nbsp; 1381775 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 28940 | &nbsp;&nbsp; 3359645 |
| Blackrock, Inc. | &nbsp;&nbsp; 5988 | &nbsp;&nbsp; 6409196 |
| Blackstone, Inc. | &nbsp;&nbsp; 30645 | &nbsp;&nbsp; 4723620 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp; 4343 | &nbsp;&nbsp; 1090093 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 69318 | &nbsp;&nbsp; 6925561 |
| CME Group, Inc. | &nbsp;&nbsp; 14965 | &nbsp;&nbsp; 4086642 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 9469 | &nbsp;&nbsp; 2141320 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp; 1554 | &nbsp;&nbsp; 450955 |
| Franklin Resources, Inc. | &nbsp;&nbsp; 12756 | &nbsp;&nbsp; 304741 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 12447 | &nbsp;&nbsp; 10940913 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 18482 | &nbsp;&nbsp; 1188577 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 23662 | &nbsp;&nbsp; 3832298 |
| Invesco Ltd. | &nbsp;&nbsp; 18471 | &nbsp;&nbsp; 485233 |
| KKR & Co., Inc., Class A | &nbsp;&nbsp; 28483 | &nbsp;&nbsp; 3631013 |
| Moody's Corp. | &nbsp;&nbsp; 6367 | &nbsp;&nbsp; 3252582 |
| Morgan Stanley | &nbsp;&nbsp; 50126 | &nbsp;&nbsp; 8898869 |
| MSCI, Inc. | &nbsp;&nbsp; 3118 | &nbsp;&nbsp; 1788890 |
| Nasdaq, Inc. | &nbsp;&nbsp; 18720 | &nbsp;&nbsp; 1818274 |
| Northern Trust Corp. | &nbsp;&nbsp; 7848 | &nbsp;&nbsp; 1071958 |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 7317 | &nbsp;&nbsp; 1175037 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 32634 | &nbsp;&nbsp; 3690905 |
| S&P Global, Inc. | &nbsp;&nbsp; 12865 | &nbsp;&nbsp; 6723120 |
| State Street Corp. | &nbsp;&nbsp; 11591 | &nbsp;&nbsp; 1495355 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp; 9057 | &nbsp;&nbsp; 927256 |
| Total |  | &nbsp;&nbsp; 83684579 |
| **Consumer Finance 0.6%** | **Consumer Finance 0.6%** | **Consumer Finance 0.6%** |
| American Express Co. | &nbsp;&nbsp; 22298 | &nbsp;&nbsp; 8249145 |
| Capital One Financial Corp. | &nbsp;&nbsp; 26383 | &nbsp;&nbsp; 6394184 |
| Synchrony Financial | &nbsp;&nbsp; 14947 | &nbsp;&nbsp; 1247028 |
| Total |  | &nbsp;&nbsp; 15890357 |
| **Financial Services 3.8%** | **Financial Services 3.8%** | **Financial Services 3.8%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 19270 | &nbsp;&nbsp; 2789525 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| &nbsp;&nbsp; 76099 | &nbsp;&nbsp; 38251162 |
| Block, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 22728 | &nbsp;&nbsp; 1479365 |
| Corpay, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2903 | &nbsp;&nbsp; 873600 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 21491 | &nbsp;&nbsp; 1428292 |
| Fiserv, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22321 | &nbsp;&nbsp; 1499302 |
| Global Payments, Inc. | &nbsp;&nbsp; 9825 | &nbsp;&nbsp; 760455 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp; 3004 | &nbsp;&nbsp; 548170 |
| MasterCard, Inc., Class A | &nbsp;&nbsp; 34028 | &nbsp;&nbsp; 19425905 |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 38829 | &nbsp;&nbsp; 2266837 |
| Visa, Inc., Class A | &nbsp;&nbsp; 70036 | &nbsp;&nbsp; 24562325 |
| Total |  | &nbsp;&nbsp; 93884938 |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| Aflac, Inc. | &nbsp;&nbsp; 19576 | &nbsp;&nbsp; 2158646 |
| Allstate Corp. (The) | &nbsp;&nbsp; 10860 | &nbsp;&nbsp; 2260509 |
| American International Group, Inc. | &nbsp;&nbsp; 22392 | &nbsp;&nbsp; 1915636 |
| Aon PLC, Class A | &nbsp;&nbsp; 8920 | &nbsp;&nbsp; 3147690 |
| Arch Capital Group Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14985 | &nbsp;&nbsp; 1437361 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 10657 | &nbsp;&nbsp; 2757925 |
| Assurant, Inc. | &nbsp;&nbsp; 2078 | &nbsp;&nbsp; 500486 |
| Brown & Brown, Inc. | &nbsp;&nbsp; 12185 | &nbsp;&nbsp; 971145 |
| Chubb Ltd. | &nbsp;&nbsp; 15189 | &nbsp;&nbsp; 4740791 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 6475 | &nbsp;&nbsp; 1057497 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp; 1054 | &nbsp;&nbsp; 302129 |
| Everest Group Ltd. | &nbsp;&nbsp; 1742 | &nbsp;&nbsp; 591148 |
| Globe Life, Inc. | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 462098 |
| Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp; 11564 | &nbsp;&nbsp; 1593519 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Loews Corp. | &nbsp;&nbsp; 7033 | &nbsp;&nbsp; 740645 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 20331 | &nbsp;&nbsp; 3771807 |
| MetLife, Inc. | &nbsp;&nbsp; 22969 | &nbsp;&nbsp; 1813173 |
| Principal Financial Group, Inc. | &nbsp;&nbsp; 8297 | &nbsp;&nbsp; 731878 |
| Progressive Corp. (The) | &nbsp;&nbsp; 24335 | &nbsp;&nbsp; 5541566 |
| Prudential Financial, Inc. | &nbsp;&nbsp; 14525 | &nbsp;&nbsp; 1639582 |
| Travelers Companies, Inc. (The) | &nbsp;&nbsp; 9257 | &nbsp;&nbsp; 2685085 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 3974 | &nbsp;&nbsp; 1305856 |
| WR Berkley Corp. | &nbsp;&nbsp; 12459 | &nbsp;&nbsp; 873625 |
| Total |  | &nbsp;&nbsp; 42999797 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **324977883** |
| **Health Care 9.5%** | **Health Care 9.5%** | **Health Care 9.5%** |
| **Biotechnology 1.7%** | **Biotechnology 1.7%** | **Biotechnology 1.7%** |
| AbbVie, Inc. | &nbsp;&nbsp; 73346 | &nbsp;&nbsp; 16758828 |
| Amgen, Inc. | &nbsp;&nbsp; 22347 | &nbsp;&nbsp; 7314397 |
| Biogen, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6088 | &nbsp;&nbsp; 1071427 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 51488 | &nbsp;&nbsp; 6319637 |
| Incyte Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6844 | &nbsp;&nbsp; 675982 |
| Moderna, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14430 | &nbsp;&nbsp; 425541 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 4182 | &nbsp;&nbsp; 3227960 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10529 | &nbsp;&nbsp; 4773427 |
| Total |  | &nbsp;&nbsp; 40567199 |
| **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** |
| Abbott Laboratories | &nbsp;&nbsp; 72163 | &nbsp;&nbsp; 9041302 |
| Align Technology, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2769 | &nbsp;&nbsp; 432379 |
| Baxter International, Inc. | &nbsp;&nbsp; 21333 | &nbsp;&nbsp; 407674 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 11895 | &nbsp;&nbsp; 2308463 |
| Boston Scientific Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 61521 | &nbsp;&nbsp; 5866027 |
| Cooper Cos, Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 8251 | &nbsp;&nbsp; 676252 |
| DexCom, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16186 | &nbsp;&nbsp; 1074265 |
| Edwards Lifesciences Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24082 | &nbsp;&nbsp; 2052991 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp; 18904 | &nbsp;&nbsp; 1550506 |
| Hologic, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9236 | &nbsp;&nbsp; 687990 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3314 | &nbsp;&nbsp; 2242020 |
| Insulet Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2919 | &nbsp;&nbsp; 829697 |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14711 | &nbsp;&nbsp; 8331722 |
| Medtronic PLC | &nbsp;&nbsp; 53228 | &nbsp;&nbsp; 5113082 |
| ResMed, Inc. | &nbsp;&nbsp; 6058 | &nbsp;&nbsp; 1459190 |
| Solventum Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6118 | &nbsp;&nbsp; 484790 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| STERIS PLC | &nbsp;&nbsp; 4073 | &nbsp;&nbsp; 1032587 |
| Stryker Corp. | &nbsp;&nbsp; 14283 | &nbsp;&nbsp; 5020046 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 8224 | &nbsp;&nbsp; 739502 |
| Total |  | &nbsp;&nbsp; 49350485 |
| **Health Care Providers & Services 1.6%** | **Health Care Providers & Services 1.6%** | **Health Care Providers & Services 1.6%** |
| Cardinal Health, Inc. | &nbsp;&nbsp; 9860 | &nbsp;&nbsp; 2026230 |
| Cencora, Inc. | &nbsp;&nbsp; 8046 | &nbsp;&nbsp; 2717536 |
| Centene Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 19378 | &nbsp;&nbsp; 797405 |
| Cigna Group (The) | &nbsp;&nbsp; 11086 | &nbsp;&nbsp; 3051200 |
| CVS Health Corp. | &nbsp;&nbsp; 52681 | &nbsp;&nbsp; 4180764 |
| DaVita, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 166439 |
| Elevance Health, Inc. | &nbsp;&nbsp; 9223 | &nbsp;&nbsp; 3233122 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 6629 | &nbsp;&nbsp; 3094815 |
| Henry Schein, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4153 | &nbsp;&nbsp; 313884 |
| Humana, Inc. | &nbsp;&nbsp; 4991 | &nbsp;&nbsp; 1278345 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 3440 | &nbsp;&nbsp; 863027 |
| McKesson Corp. | &nbsp;&nbsp; 5122 | &nbsp;&nbsp; 4201525 |
| Molina Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2133 | &nbsp;&nbsp; 370161 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 4617 | &nbsp;&nbsp; 801188 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 37592 | &nbsp;&nbsp; 12409495 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp; 2292 | &nbsp;&nbsp; 499702 |
| Total |  | &nbsp;&nbsp; 40004838 |
| **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 11765 | &nbsp;&nbsp; 1600864 |
| Bio-Techne Corp. | &nbsp;&nbsp; 6466 | &nbsp;&nbsp; 380265 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2042 | &nbsp;&nbsp; 407338 |
| Danaher Corp. | &nbsp;&nbsp; 26089 | &nbsp;&nbsp; 5972294 |
| IQVIA Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7067 | &nbsp;&nbsp; 1592973 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 848 | &nbsp;&nbsp; 1182273 |
| Revvity, Inc. | &nbsp;&nbsp; 4705 | &nbsp;&nbsp; 455209 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 15592 | &nbsp;&nbsp; 9034784 |
| Waters Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2471 | &nbsp;&nbsp; 938560 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; 2986 | &nbsp;&nbsp; 821568 |
| Total |  | &nbsp;&nbsp; 22386128 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Pharmaceuticals 3.3%** | **Pharmaceuticals 3.3%** | **Pharmaceuticals 3.3%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 84483 | &nbsp;&nbsp; 4557013 |
| Eli Lilly & Co. | &nbsp;&nbsp; 32956 | &nbsp;&nbsp; 35417154 |
| Johnson & Johnson | &nbsp;&nbsp; 99985 | &nbsp;&nbsp; 20691896 |
| Merck & Co., Inc. | &nbsp;&nbsp; 103004 | &nbsp;&nbsp; 10842201 |
| Pfizer, Inc. | &nbsp;&nbsp; 235955 | &nbsp;&nbsp; 5875279 |
| Viatris, Inc. | &nbsp;&nbsp; 47798 | &nbsp;&nbsp; 595085 |
| Zoetis, Inc. | &nbsp;&nbsp; 18289 | &nbsp;&nbsp; 2301122 |
| Total |  | &nbsp;&nbsp; 80279750 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **232588400** |
| **Industrials 8.0%** | **Industrials 8.0%** | **Industrials 8.0%** |
| **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3275 | &nbsp;&nbsp; 1859971 |
| Boeing Co. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 32496 | &nbsp;&nbsp; 7055531 |
| General Dynamics Corp. | &nbsp;&nbsp; 10522 | &nbsp;&nbsp; 3542337 |
| General Electric Co. | &nbsp;&nbsp; 43774 | &nbsp;&nbsp; 13483705 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 16685 | &nbsp;&nbsp; 3420759 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; 553634 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 7763 | &nbsp;&nbsp; 2278984 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 8451 | &nbsp;&nbsp; 4087495 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 5567 | &nbsp;&nbsp; 3174359 |
| RTX Corp. | &nbsp;&nbsp; 55642 | &nbsp;&nbsp; 10204743 |
| Textron, Inc. | &nbsp;&nbsp; 7313 | &nbsp;&nbsp; 637474 |
| TransDigm Group, Inc. | &nbsp;&nbsp; 2337 | &nbsp;&nbsp; 3107859 |
| Total |  | &nbsp;&nbsp; 53406851 |
| **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** | **Air Freight & Logistics 0.3%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp; 4903 | &nbsp;&nbsp; 788206 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp; 5562 | &nbsp;&nbsp; 828794 |
| FedEx Corp. | &nbsp;&nbsp; 9009 | &nbsp;&nbsp; 2602340 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 30668 | &nbsp;&nbsp; 3041959 |
| Total |  | &nbsp;&nbsp; 7261299 |
| **Building Products 0.4%** | **Building Products 0.4%** | **Building Products 0.4%** |
| Allegion PLC | &nbsp;&nbsp; 3571 | &nbsp;&nbsp; 568575 |
| AO Smith Corp. | &nbsp;&nbsp; 4705 | &nbsp;&nbsp; 314670 |
| Builders FirstSource, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4589 | &nbsp;&nbsp; 472162 |
| Carrier Global Corp. | &nbsp;&nbsp; 32854 | &nbsp;&nbsp; 1736005 |
| Johnson Controls International PLC | &nbsp;&nbsp; 25362 | &nbsp;&nbsp; 3037100 |
| Lennox International, Inc. | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 643394 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Masco Corp. | &nbsp;&nbsp; 8619 | &nbsp;&nbsp; 546962 |
| Trane Technologies PLC | &nbsp;&nbsp; 9202 | &nbsp;&nbsp; 3581418 |
| Total |  | &nbsp;&nbsp; 10900286 |
| **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** |
| Cintas Corp. | &nbsp;&nbsp; 14176 | &nbsp;&nbsp; 2666080 |
| Copart, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 36952 | &nbsp;&nbsp; 1446671 |
| Republic Services, Inc. | &nbsp;&nbsp; 8350 | &nbsp;&nbsp; 1769615 |
| Rollins, Inc. | &nbsp;&nbsp; 12180 | &nbsp;&nbsp; 731044 |
| Veralto Corp. | &nbsp;&nbsp; 10304 | &nbsp;&nbsp; 1028133 |
| Waste Management, Inc. | &nbsp;&nbsp; 15381 | &nbsp;&nbsp; 3379360 |
| Total |  | &nbsp;&nbsp; 11020903 |
| **Construction & Engineering 0.2%** | **Construction & Engineering 0.2%** | **Construction & Engineering 0.2%** |
| Comfort Systems U.S.A., Inc. | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1362604 |
| EMCOR Group, Inc. | &nbsp;&nbsp; 1858 | &nbsp;&nbsp; 1136706 |
| Quanta Services, Inc. | &nbsp;&nbsp; 6188 | &nbsp;&nbsp; 2611707 |
| Total |  | &nbsp;&nbsp; 5111017 |
| **Electrical Equipment 0.8%** | **Electrical Equipment 0.8%** | **Electrical Equipment 0.8%** |
| AMETEK, Inc. | &nbsp;&nbsp; 9553 | &nbsp;&nbsp; 1961326 |
| Eaton Corp. PLC | &nbsp;&nbsp; 16118 | &nbsp;&nbsp; 5133744 |
| Emerson Electric Co. | &nbsp;&nbsp; 23315 | &nbsp;&nbsp; 3094367 |
| GE Vernova, Inc. | &nbsp;&nbsp; 11260 | &nbsp;&nbsp; 7359198 |
| Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2435 | &nbsp;&nbsp; 332061 |
| Hubbell, Inc. | &nbsp;&nbsp; 2205 | &nbsp;&nbsp; 979263 |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 4659 | &nbsp;&nbsp; 1812677 |
| Total |  | &nbsp;&nbsp; 20672636 |
| **Ground Transportation 0.8%** | **Ground Transportation 0.8%** | **Ground Transportation 0.8%** |
| CSX Corp. | &nbsp;&nbsp; 77278 | &nbsp;&nbsp; 2801327 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 3122 | &nbsp;&nbsp; 606729 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 9312 | &nbsp;&nbsp; 2688561 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 7636 | &nbsp;&nbsp; 1197325 |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 86229 | &nbsp;&nbsp; 7045772 |
| Union Pacific Corp. | &nbsp;&nbsp; 24616 | &nbsp;&nbsp; 5694173 |
| Total |  | &nbsp;&nbsp; 20033887 |
| **Industrial Conglomerates 0.4%** | **Industrial Conglomerates 0.4%** | **Industrial Conglomerates 0.4%** |
| 3M Co. | &nbsp;&nbsp; 22046 | &nbsp;&nbsp; 3529565 |
| Honeywell International, Inc. | &nbsp;&nbsp; 26348 | &nbsp;&nbsp; 5140231 |
| Total |  | &nbsp;&nbsp; 8669796 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Machinery 1.6%** | **Machinery 1.6%** | **Machinery 1.6%** |
| Caterpillar, Inc. | &nbsp;&nbsp; 19421 | &nbsp;&nbsp; 11125708 |
| Cummins, Inc. | &nbsp;&nbsp; 5728 | &nbsp;&nbsp; 2923857 |
| Deere & Co. | &nbsp;&nbsp; 10433 | &nbsp;&nbsp; 4857292 |
| Dover Corp. | &nbsp;&nbsp; 5692 | &nbsp;&nbsp; 1111306 |
| Fortive Corp. | &nbsp;&nbsp; 13181 | &nbsp;&nbsp; 727723 |
| IDEX Corp. | &nbsp;&nbsp; 3106 | &nbsp;&nbsp; 552682 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 10956 | &nbsp;&nbsp; 2698463 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 14921 | &nbsp;&nbsp; 1182042 |
| Nordson Corp. | &nbsp;&nbsp; 2215 | &nbsp;&nbsp; 532552 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 16173 | &nbsp;&nbsp; 1412711 |
| PACCAR, Inc. | &nbsp;&nbsp; 21796 | &nbsp;&nbsp; 2386880 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 5237 | &nbsp;&nbsp; 4603113 |
| Pentair PLC | &nbsp;&nbsp; 6791 | &nbsp;&nbsp; 707215 |
| Snap-On, Inc. | &nbsp;&nbsp; 2158 | &nbsp;&nbsp; 743647 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 6428 | &nbsp;&nbsp; 477472 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 7095 | &nbsp;&nbsp; 1514428 |
| Xylem, Inc. | &nbsp;&nbsp; 10104 | &nbsp;&nbsp; 1375963 |
| Total |  | &nbsp;&nbsp; 38933054 |
| **Passenger Airlines 0.2%** | **Passenger Airlines 0.2%** | **Passenger Airlines 0.2%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 26918 | &nbsp;&nbsp; 1868109 |
| Southwest Airlines Co. | &nbsp;&nbsp; 21462 | &nbsp;&nbsp; 887024 |
| United Airlines Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13435 | &nbsp;&nbsp; 1502302 |
| Total |  | &nbsp;&nbsp; 4257435 |
| **Professional Services 0.5%** | **Professional Services 0.5%** | **Professional Services 0.5%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 16785 | &nbsp;&nbsp; 4317606 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 4844 | &nbsp;&nbsp; 1081035 |
| Dayforce, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6641 | &nbsp;&nbsp; 459292 |
| Equifax, Inc. | &nbsp;&nbsp; 5079 | &nbsp;&nbsp; 1102041 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp; 4961 | &nbsp;&nbsp; 657134 |
| Leidos Holdings, Inc. | &nbsp;&nbsp; 5306 | &nbsp;&nbsp; 957202 |
| Paychex, Inc. | &nbsp;&nbsp; 13442 | &nbsp;&nbsp; 1507924 |
| Paycom Software, Inc. | &nbsp;&nbsp; 2028 | &nbsp;&nbsp; 323182 |
| Verisk Analytics, Inc. | &nbsp;&nbsp; 5784 | &nbsp;&nbsp; 1293823 |
| Total |  | &nbsp;&nbsp; 11699239 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** |
| Fastenal Co. | &nbsp;&nbsp; 47643 | &nbsp;&nbsp; 1911913 |
| United Rentals, Inc. | &nbsp;&nbsp; 2641 | &nbsp;&nbsp; 2137414 |
| W.W. Grainger, Inc. | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 1831426 |
| Total |  | &nbsp;&nbsp; 5880753 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **197847156** |
| **Information Technology 34.0%** | **Information Technology 34.0%** | **Information Technology 34.0%** |
| **Communications Equipment 0.9%** | **Communications Equipment 0.9%** | **Communications Equipment 0.9%** |
| Arista Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42853 | &nbsp;&nbsp; 5615029 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 163539 | &nbsp;&nbsp; 12597409 |
| F5, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2394 | &nbsp;&nbsp; 611092 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 6912 | &nbsp;&nbsp; 2649508 |
| Total |  | &nbsp;&nbsp; 21473038 |
| **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** |
| Amphenol Corp., Class A | &nbsp;&nbsp; 50798 | &nbsp;&nbsp; 6864842 |
| CDW Corp. | &nbsp;&nbsp; 5403 | &nbsp;&nbsp; 735888 |
| Corning, Inc. | &nbsp;&nbsp; 32378 | &nbsp;&nbsp; 2835018 |
| Jabil, Inc. | &nbsp;&nbsp; 4434 | &nbsp;&nbsp; 1011041 |
| Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7132 | &nbsp;&nbsp; 1449151 |
| TE Connectivity PLC | &nbsp;&nbsp; 12209 | &nbsp;&nbsp; 2777669 |
| Teledyne Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1948 | &nbsp;&nbsp; 994902 |
| Trimble Navigation Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9874 | &nbsp;&nbsp; 773628 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 510408 |
| Total |  | &nbsp;&nbsp; 17952547 |
| **IT Services 1.0%** | **IT Services 1.0%** | **IT Services 1.0%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 25736 | &nbsp;&nbsp; 6904969 |
| Akamai Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5970 | &nbsp;&nbsp; 520882 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 20030 | &nbsp;&nbsp; 1662490 |
| EPAM Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2293 | &nbsp;&nbsp; 469790 |
| Gartner, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2991 | &nbsp;&nbsp; 754569 |
| GoDaddy, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 5608 | &nbsp;&nbsp; 695841 |
| International Business Machines Corp. | &nbsp;&nbsp; 38791 | &nbsp;&nbsp; 11490282 |
| VeriSign, Inc. | &nbsp;&nbsp; 3462 | &nbsp;&nbsp; 841093 |
| Total |  | &nbsp;&nbsp; 23339916 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor Equipment 14.0%** | **Semiconductors & Semiconductor Equipment 14.0%** | **Semiconductors & Semiconductor Equipment 14.0%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 67563 | &nbsp;&nbsp; 14469292 |
| Analog Devices, Inc. | &nbsp;&nbsp; 20416 | &nbsp;&nbsp; 5536819 |
| Applied Materials, Inc. | &nbsp;&nbsp; 33060 | &nbsp;&nbsp; 8496089 |
| Broadcom, Inc. | &nbsp;&nbsp; 195977 | &nbsp;&nbsp; 67827640 |
| First Solar, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4453 | &nbsp;&nbsp; 1163257 |
| Intel Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 186076 | &nbsp;&nbsp; 6866204 |
| KLA Corp. | &nbsp;&nbsp; 5453 | &nbsp;&nbsp; 6625831 |
| Lam Research Corp. | &nbsp;&nbsp; 52125 | &nbsp;&nbsp; 8922758 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 22428 | &nbsp;&nbsp; 1429112 |
| Micron Technology, Inc. | &nbsp;&nbsp; 46582 | &nbsp;&nbsp; 13294969 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 1988 | &nbsp;&nbsp; 1801844 |
| NVIDIA Corp. | &nbsp;&nbsp; 1008442 | &nbsp;&nbsp; 188074433 |
| NXP Semiconductors NV | &nbsp;&nbsp; 10444 | &nbsp;&nbsp; 2266975 |
| ON Semiconductor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16699 | &nbsp;&nbsp; 904251 |
| Qnity Electronics, Inc. | &nbsp;&nbsp; 8691 | &nbsp;&nbsp; 709620 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 44446 | &nbsp;&nbsp; 7602488 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp; 6170 | &nbsp;&nbsp; 391240 |
| Teradyne, Inc. | &nbsp;&nbsp; 6499 | &nbsp;&nbsp; 1257946 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 37708 | &nbsp;&nbsp; 6541961 |
| Total |  | &nbsp;&nbsp; 344182729 |
| **Software 10.2%** | **Software 10.2%** | **Software 10.2%** |
| Adobe, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17372 | &nbsp;&nbsp; 6080026 |
| AppLovin Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11233 | &nbsp;&nbsp; 7569020 |
| Autodesk, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 8839 | &nbsp;&nbsp; 2616432 |
| Cadence Design Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11296 | &nbsp;&nbsp; 3530904 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 10415 | &nbsp;&nbsp; 4882135 |
| Datadog, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 13506 | &nbsp;&nbsp; 1836681 |
| Fair Isaac Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 984 | &nbsp;&nbsp; 1663570 |
| Fortinet, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26232 | &nbsp;&nbsp; 2083083 |
| Gen Digital, Inc. | &nbsp;&nbsp; 23290 | &nbsp;&nbsp; 633255 |
| Intuit, Inc. | &nbsp;&nbsp; 11570 | &nbsp;&nbsp; 7664199 |
| Microsoft Corp. | &nbsp;&nbsp; 308441 | &nbsp;&nbsp; 149168237 |
| Oracle Corp. | &nbsp;&nbsp; 69801 | &nbsp;&nbsp; 13604913 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 94799 | &nbsp;&nbsp; 16850522 |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 28385 | &nbsp;&nbsp; 5228517 |
| PTC, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4971 | &nbsp;&nbsp; 865998 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 4467 | &nbsp;&nbsp; 1988396 |
| Salesforce, Inc. | &nbsp;&nbsp; 39508 | &nbsp;&nbsp; 10466064 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43052 | &nbsp;&nbsp; 6595136 |
| Synopsys, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7709 | &nbsp;&nbsp; 3621072 |
| Tyler Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1786 | &nbsp;&nbsp; 810755 |
| Workday, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 9005 | &nbsp;&nbsp; 1934094 |
| Total |  | &nbsp;&nbsp; 249693009 |
| **Technology Hardware, Storage & Peripherals 7.2%** | **Technology Hardware, Storage & Peripherals 7.2%** | **Technology Hardware, Storage & Peripherals 7.2%** |
| Apple, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 613214 | &nbsp;&nbsp; 166708358 |
| Dell Technologies, Inc. | &nbsp;&nbsp; 12508 | &nbsp;&nbsp; 1574507 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 54757 | &nbsp;&nbsp; 1315263 |
| HP, Inc. | &nbsp;&nbsp; 38790 | &nbsp;&nbsp; 864241 |
| NetApp, Inc. | &nbsp;&nbsp; 8284 | &nbsp;&nbsp; 887134 |
| Sandisk Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5778 | &nbsp;&nbsp; 1371582 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 9042 | &nbsp;&nbsp; 2490076 |
| Super Micro Computer, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20810 | &nbsp;&nbsp; 609109 |
| Western Digital Corp. | &nbsp;&nbsp; 14189 | &nbsp;&nbsp; 2444339 |
| Total |  | &nbsp;&nbsp; 178264609 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **834905848** |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| **Chemicals 0.9%** | **Chemicals 0.9%** | **Chemicals 0.9%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp; 9236 | &nbsp;&nbsp; 2281477 |
| Albemarle Corp. | &nbsp;&nbsp; 4884 | &nbsp;&nbsp; 690793 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 6473 | &nbsp;&nbsp; 500622 |
| Corteva, Inc. | &nbsp;&nbsp; 28044 | &nbsp;&nbsp; 1879789 |
| Dow, Inc. | &nbsp;&nbsp; 29498 | &nbsp;&nbsp; 689663 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp; 17387 | &nbsp;&nbsp; 698957 |
| Ecolab, Inc. | &nbsp;&nbsp; 10579 | &nbsp;&nbsp; 2777199 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 10628 | &nbsp;&nbsp; 716221 |
| Linde PLC | &nbsp;&nbsp; 19378 | &nbsp;&nbsp; 8262585 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 10686 | &nbsp;&nbsp; 462704 |
| Mosaic Co. (The) | &nbsp;&nbsp; 13172 | &nbsp;&nbsp; 317314 |
| PPG Industries, Inc. | &nbsp;&nbsp; 9313 | &nbsp;&nbsp; 954210 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 9567 | &nbsp;&nbsp; 3099995 |
| Total |  | &nbsp;&nbsp; 23331529 |
| **Construction Materials 0.3%** | **Construction Materials 0.3%** | **Construction Materials 0.3%** |
| CRH PLC | &nbsp;&nbsp; 27816 | &nbsp;&nbsp; 3471437 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp; 2503 | &nbsp;&nbsp; 1558518 |
| Vulcan Materials Co. | &nbsp;&nbsp; 5483 | &nbsp;&nbsp; 1563861 |
| Total |  | &nbsp;&nbsp; 6593816 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Containers & Packaging 0.2%** | **Containers & Packaging 0.2%** | **Containers & Packaging 0.2%** |
| Amcor PLC | &nbsp;&nbsp; 95796 | &nbsp;&nbsp; 798939 |
| Avery Dennison Corp. | &nbsp;&nbsp; 3208 | &nbsp;&nbsp; 583471 |
| Ball Corp. | &nbsp;&nbsp; 11121 | &nbsp;&nbsp; 589079 |
| International Paper Co. | &nbsp;&nbsp; 21913 | &nbsp;&nbsp; 863153 |
| Packaging Corp. of America | &nbsp;&nbsp; 3709 | &nbsp;&nbsp; 764907 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 21671 | &nbsp;&nbsp; 838018 |
| Total |  | &nbsp;&nbsp; 4437567 |
| **Metals & Mining 0.4%** | **Metals & Mining 0.4%** | **Metals & Mining 0.4%** |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 59591 | &nbsp;&nbsp; 3026627 |
| Newmont Corp. | &nbsp;&nbsp; 45287 | &nbsp;&nbsp; 4521907 |
| Nucor Corp. | &nbsp;&nbsp; 9498 | &nbsp;&nbsp; 1549219 |
| Steel Dynamics, Inc. | &nbsp;&nbsp; 5697 | &nbsp;&nbsp; 965356 |
| Total |  | &nbsp;&nbsp; 10063109 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **44426021** |
| **Real Estate 1.8%** | **Real Estate 1.8%** | **Real Estate 1.8%** |
| **Diversified REITs 0.0%** | **Diversified REITs 0.0%** | **Diversified REITs 0.0%** |
| Federal Realty Investment Trust | &nbsp;&nbsp; 3258 | &nbsp;&nbsp; 328406 |
| **Health Care REITs 0.3%** | **Health Care REITs 0.3%** | **Health Care REITs 0.3%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 6455 | &nbsp;&nbsp; 315907 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp; 28840 | &nbsp;&nbsp; 463747 |
| Ventas, Inc. | &nbsp;&nbsp; 19494 | &nbsp;&nbsp; 1508446 |
| Welltower, Inc. | &nbsp;&nbsp; 28482 | &nbsp;&nbsp; 5286544 |
| Total |  | &nbsp;&nbsp; 7574644 |
| **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 26541 | &nbsp;&nbsp; 470572 |
| **Industrial REITs 0.2%** | **Industrial REITs 0.2%** | **Industrial REITs 0.2%** |
| Prologis, Inc. | &nbsp;&nbsp; 38548 | &nbsp;&nbsp; 4921038 |
| **Office REITs 0.0%** | **Office REITs 0.0%** | **Office REITs 0.0%** |
| BXP, Inc. | &nbsp;&nbsp; 6116 | &nbsp;&nbsp; 412708 |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |
| CBRE Group, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 12165 | &nbsp;&nbsp; 1956010 |
| CoStar Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17589 | &nbsp;&nbsp; 1182685 |
| Total |  | &nbsp;&nbsp; 3138695 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Residential REITs 0.2%** | **Residential REITs 0.2%** | **Residential REITs 0.2%** |
| AvalonBay Communities, Inc. | &nbsp;&nbsp; 5869 | &nbsp;&nbsp; 1064108 |
| Camden Property Trust | &nbsp;&nbsp; 4415 | &nbsp;&nbsp; 486003 |
| Equity Residential | &nbsp;&nbsp; 14369 | &nbsp;&nbsp; 905822 |
| Essex Property Trust, Inc. | &nbsp;&nbsp; 2673 | &nbsp;&nbsp; 699471 |
| Invitation Homes, Inc. | &nbsp;&nbsp; 23405 | &nbsp;&nbsp; 650425 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; 4859 | &nbsp;&nbsp; 674964 |
| UDR, Inc. | &nbsp;&nbsp; 12481 | &nbsp;&nbsp; 457803 |
| Total |  | &nbsp;&nbsp; 4938596 |
| **Retail REITs 0.3%** | **Retail REITs 0.3%** | **Retail REITs 0.3%** |
| Kimco Realty Corp. | &nbsp;&nbsp; 28103 | &nbsp;&nbsp; 569648 |
| Realty Income Corp. | &nbsp;&nbsp; 38176 | &nbsp;&nbsp; 2151981 |
| Regency Centers Corp. | &nbsp;&nbsp; 6831 | &nbsp;&nbsp; 471544 |
| Simon Property Group, Inc. | &nbsp;&nbsp; 13548 | &nbsp;&nbsp; 2507870 |
| Total |  | &nbsp;&nbsp; 5701043 |
| **Specialized REITs 0.7%** | **Specialized REITs 0.7%** | **Specialized REITs 0.7%** |
| American Tower Corp. | &nbsp;&nbsp; 19428 | &nbsp;&nbsp; 3410974 |
| Crown Castle, Inc. | &nbsp;&nbsp; 18072 | &nbsp;&nbsp; 1606059 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 13400 | &nbsp;&nbsp; 2073114 |
| Equinix, Inc. | &nbsp;&nbsp; 4075 | &nbsp;&nbsp; 3122102 |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 8808 | &nbsp;&nbsp; 1146978 |
| Iron Mountain, Inc. | &nbsp;&nbsp; 12267 | &nbsp;&nbsp; 1017548 |
| Public Storage | &nbsp;&nbsp; 6553 | &nbsp;&nbsp; 1700503 |
| SBA Communications Corp. | &nbsp;&nbsp; 4422 | &nbsp;&nbsp; 855347 |
| VICI Properties, Inc. | &nbsp;&nbsp; 44355 | &nbsp;&nbsp; 1247263 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 29915 | &nbsp;&nbsp; 708686 |
| Total |  | &nbsp;&nbsp; 16888574 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **44374276** |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| **Electric Utilities 1.5%** | **Electric Utilities 1.5%** | **Electric Utilities 1.5%** |
| Alliant Energy Corp. | &nbsp;&nbsp; 10668 | &nbsp;&nbsp; 693527 |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 22213 | &nbsp;&nbsp; 2561381 |
| Constellation Energy Corp. | &nbsp;&nbsp; 12960 | &nbsp;&nbsp; 4578379 |
| Duke Energy Corp. | &nbsp;&nbsp; 32273 | &nbsp;&nbsp; 3782718 |
| Edison International | &nbsp;&nbsp; 15969 | &nbsp;&nbsp; 958459 |
| Entergy Corp. | &nbsp;&nbsp; 18534 | &nbsp;&nbsp; 1713098 |
| Evergy, Inc. | &nbsp;&nbsp; 9554 | &nbsp;&nbsp; 692569 |
| Eversource Energy | &nbsp;&nbsp; 15570 | &nbsp;&nbsp; 1048328 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Exelon Corp. | &nbsp;&nbsp; 41927 | &nbsp;&nbsp; 1827598 |
| FirstEnergy Corp. | &nbsp;&nbsp; 21577 | &nbsp;&nbsp; 966002 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 86428 | &nbsp;&nbsp; 6938440 |
| NRG Energy, Inc. | &nbsp;&nbsp; 7953 | &nbsp;&nbsp; 1266436 |
| PG&E Corp. | &nbsp;&nbsp; 91213 | &nbsp;&nbsp; 1465793 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp; 4967 | &nbsp;&nbsp; 440573 |
| PPL Corp. | &nbsp;&nbsp; 30699 | &nbsp;&nbsp; 1075079 |
| Southern Co. (The) | &nbsp;&nbsp; 45695 | &nbsp;&nbsp; 3984604 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 24549 | &nbsp;&nbsp; 1813189 |
| Total |  | &nbsp;&nbsp; 35806173 |
| **Gas Utilities 0.0%** | **Gas Utilities 0.0%** | **Gas Utilities 0.0%** |
| Atmos Energy Corp. | &nbsp;&nbsp; 6662 | &nbsp;&nbsp; 1116751 |
| **Independent Power and Renewable Electricity Producers 0.1%** | **Independent Power and Renewable Electricity Producers 0.1%** | **Independent Power and Renewable Electricity Producers 0.1%** |
| AES Corp. (The) | &nbsp;&nbsp; 29553 | &nbsp;&nbsp; 423790 |
| Vistra Corp. | &nbsp;&nbsp; 13217 | &nbsp;&nbsp; 2132299 |
| Total |  | &nbsp;&nbsp; 2556089 |
| **Multi-Utilities 0.6%** | **Multi-Utilities 0.6%** | **Multi-Utilities 0.6%** |
| Ameren Corp. | &nbsp;&nbsp; 11225 | &nbsp;&nbsp; 1120929 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp; 27094 | &nbsp;&nbsp; 1038784 |
| CMS Energy Corp. | &nbsp;&nbsp; 12629 | &nbsp;&nbsp; 883146 |
| Consolidated Edison, Inc. | &nbsp;&nbsp; 14979 | &nbsp;&nbsp; 1487714 |
| Dominion Energy, Inc. | &nbsp;&nbsp; 35437 | &nbsp;&nbsp; 2076254 |
| DTE Energy Co. | &nbsp;&nbsp; 8619 | &nbsp;&nbsp; 1111679 |
| NiSource, Inc. | &nbsp;&nbsp; 19803 | &nbsp;&nbsp; 826973 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 20715 | &nbsp;&nbsp; 1663414 |
| Sempra | &nbsp;&nbsp; 27086 | &nbsp;&nbsp; 2391423 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 1423710 |
| Total |  | &nbsp;&nbsp; 14024026 |
| **Water Utilities 0.0%** | **Water Utilities 0.0%** | **Water Utilities 0.0%** |
| American Water Works Co., Inc. | &nbsp;&nbsp; 8098 | &nbsp;&nbsp; 1056789 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **54559828** |
| Total Common Stocks <br>(Cost $1,010,329,830) | Total Common Stocks <br>(Cost $1,010,329,830) | &nbsp;&nbsp; **2425158605** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Money Market Funds 1.4%** | **Money Market Funds 1.4%** | **Money Market Funds 1.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(d)</sup> <br>| &nbsp;&nbsp; 34920397 | &nbsp;&nbsp; 34909921 |
| Total Money Market Funds <br>(Cost $34,909,921) | Total Money Market Funds <br>(Cost $34,909,921) | &nbsp;&nbsp; **34909921** |
| **Total Investments in Securities** <br>**(Cost: $1,045,239,751)** | **Total Investments in Securities** <br>**(Cost: $1,045,239,751)** | &nbsp;&nbsp; **2460068526** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(835619)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2459232907** |

---

At December 31, 2025, securities and/or cash totaling $4,877,168 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| S&P 500 Index E-mini | 110 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 37908750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (289470)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. |
|  | 2290514 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21833)<br>| &nbsp;&nbsp; (377930)<br>| &nbsp;&nbsp; 1890751 | &nbsp;&nbsp; 200100 | &nbsp;&nbsp; 26082 | &nbsp;&nbsp; 3856 |
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 24651408 | &nbsp;&nbsp; 189200456 | &nbsp;&nbsp; (178941897)<br>| &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 34909921 | &nbsp;&nbsp; (2257)<br>| &nbsp;&nbsp; 1071682 | &nbsp;&nbsp; 34920397 |
| Total | 26941922 |  |  | &nbsp;&nbsp; (377976)<br>| &nbsp;&nbsp; 36800672 | &nbsp;&nbsp; 197843 | &nbsp;&nbsp; 1097764 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the seven-day current annualized yield at December 31, 2025.

**Currency Legend** 

USD US Dollar

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 256525320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256525320 |
| Consumer Discretionary | 252410512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 252410512 |
| Consumer Staples | 114321246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114321246 |
| Energy | 68222115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68222115 |
| Financials | 324977883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 324977883 |
| Health Care | 232588400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 232588400 |
| Industrials | 197847156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197847156 |
| Information Technology | 834905848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 834905848 |
| Materials | 44426021 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44426021 |
| Real Estate | 44374276 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44374276 |
| Utilities | 54559828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54559828 |
| Total Common Stocks | 2425158605 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2425158605 |
| Money Market Funds | 34909921 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34909921 |
| Total Investments in Securities | 2460068526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2460068526 |
| **Investments in Derivatives** |  |  |  |  |
| Liability |  |  |  |  |
| Futures Contracts | (289470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (289470)<br>|
| Total | 2459779056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2459779056 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,009,806,042) | $2423267854 |
| Affiliated issuers (cost $35,433,709) | 36800672 |
| Receivable for: |  |
| Capital shares sold | 181715 |
| Dividends | 1323241 |
| Foreign tax reclaims | 17814 |
| Expense reimbursement due from Investment Manager | 582 |
| Prepaid expenses | 7779 |
| Total assets | 2461599657 |
| **Liabilities** |  |
| Due to custodian | 452 |
| Payable for: |  |
| Capital shares redeemed | 1741175 |
| Variation margin for futures contracts | 284625 |
| Management services fees | 13580 |
| Distribution and/or service fees | 5785 |
| Service fees | 79480 |
| Compensation of chief compliance officer | 394 |
| Compensation of board members | 1481 |
| Other expenses | 93905 |
| Deferred compensation of board members | 145873 |
| Total liabilities | 2366750 |
| **Net assets applicable to outstanding capital stock** | **$2459232907** |
| **Represented by** |  |
| Trust capital | $2459232907 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2459232907** |
| **Class 1** |  |
| Net assets | $1113209528 |
| Shares outstanding | 18808157 |
| Net asset value per share | $59.19 |
| **Class 2** |  |
| Net assets | $331513346 |
| Shares outstanding | 5806392 |
| Net asset value per share | $57.09 |
| **Class 3** |  |
| Net assets | $1014510033 |
| Shares outstanding | 17443108 |
| Net asset value per share | $58.16 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $28498328 |
| Dividends — affiliated issuers | 1097764 |
| Foreign taxes withheld | (6627)<br>|
| Total income | 29589465 |
| Expenses: |  |
| Management services fees | 4611776 |
| Distribution and/or service fees |  |
| Class 2 | 691774 |
| Class 3 | 1196471 |
| Service fees | 852722 |
| Custodian fees | 29370 |
| Printing and postage fees | 18184 |
| Licensing fees and expenses | 231260 |
| Accounting services fees | 32423 |
| Legal fees | 55530 |
| Interest on collateral | 1838 |
| Compensation of chief compliance officer | 398 |
| Compensation of board members | 35277 |
| Deferred compensation of board members | 25511 |
| Other | 34817 |
| Total expenses | 7817351 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (162482)<br>|
| Total net expenses | 7654869 |
| **Net investment income** | 21934596 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 134183120 |
| Investments — affiliated issuers | 197843 |
| Futures contracts | 3429242 |
| Net realized gain | 137810205 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 218394917 |
| Investments — affiliated issuers | (377976)<br>|
| Futures contracts | 572471 |
| Net change in unrealized appreciation (depreciation) | 218589412 |
| Net realized and unrealized gain | 356399617 |
| **Net increase in net assets resulting from operations** | **$378334213** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $21934596 | &nbsp;&nbsp; $22253840 |
| Net realized gain | 137810205 | &nbsp;&nbsp; 81208463 |
| Net change in unrealized appreciation (depreciation) | 218589412 | &nbsp;&nbsp; 349126048 |
| Net increase in net assets resulting from operations | 378334213 | &nbsp;&nbsp; 452588351 |
| Decrease in net assets from capital stock activity | (151270715)<br>| &nbsp;&nbsp; (81318239)<br>|
| Total increase in net assets | 227063498 | &nbsp;&nbsp; 371270112 |
| Net assets at beginning of year | 2232169409 | &nbsp;&nbsp; 1860899297 |
| **Net assets at end of year** | **$2459232907** | &nbsp;&nbsp; **$2232169409** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 947050 | &nbsp;&nbsp;&nbsp;&nbsp; 49975350 | &nbsp;&nbsp;&nbsp;&nbsp; 1004747 | &nbsp;&nbsp;&nbsp;&nbsp; 46485575 |
| Shares redeemed | (3242678)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (174867655)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2597789)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122639122)<br>|
| Net decrease | (2295628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (124892305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1593042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76153547)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 1502985 | &nbsp;&nbsp;&nbsp;&nbsp; 76570833 | &nbsp;&nbsp;&nbsp;&nbsp; 1485625 | &nbsp;&nbsp;&nbsp;&nbsp; 67464567 |
| Shares redeemed | (377956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19648295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (186035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8310326)<br>|
| Net increase | 1125029 | &nbsp;&nbsp;&nbsp;&nbsp; 56922538 | &nbsp;&nbsp;&nbsp;&nbsp; 1299590 | &nbsp;&nbsp;&nbsp;&nbsp; 59154241 |
| Class 3 |  |  |  |  |
| Shares sold | 233479 | &nbsp;&nbsp;&nbsp;&nbsp; 11965383 | &nbsp;&nbsp;&nbsp;&nbsp; 396066 | &nbsp;&nbsp;&nbsp;&nbsp; 18018973 |
| Shares redeemed | (1803962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95266331)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1804839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (82337906)<br>|
| Net decrease | (1570483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83300948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1408773)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64318933)<br>|
| **Total net decrease** | **(2741082)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(151270715)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1702225)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(81318239)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $50.34<br>| 0.55<br>| 8.30<br>| 8.85<br>|
| Year Ended 12/31/2024 | $40.37<br>| 0.52<br>| 9.45<br>| 9.97<br>|
| Year Ended 12/31/2023 | $32.05<br>| 0.51<br>| 7.81<br>| 8.32<br>|
| Year Ended 12/31/2022 | $39.25<br>| 0.46<br>| &nbsp;&nbsp; (7.66) <br>| &nbsp;&nbsp; (7.20) <br>|
| Year Ended 12/31/2021 | $30.57<br>| 0.40<br>| 8.28<br>| 8.68<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $48.69<br>| 0.40<br>| 8.00<br>| 8.40<br>|
| Year Ended 12/31/2024 | $39.14<br>| 0.40<br>| 9.15<br>| 9.55<br>|
| Year Ended 12/31/2023 | $31.15<br>| 0.41<br>| 7.58<br>| 7.99<br>|
| Year Ended 12/31/2022 | $38.24<br>| 0.37<br>| &nbsp;&nbsp; (7.46) <br>| &nbsp;&nbsp; (7.09) <br>|
| Year Ended 12/31/2021 | $29.86<br>| 0.31<br>| 8.07<br>| 8.38<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $49.53<br>| 0.48<br>| 8.15<br>| 8.63<br>|
| Year Ended 12/31/2024 | $39.77<br>| 0.46<br>| 9.30<br>| 9.76<br>|
| Year Ended 12/31/2023 | $31.61<br>| 0.46<br>| 7.70<br>| 8.16<br>|
| Year Ended 12/31/2022 | $38.76<br>| 0.41<br>| &nbsp;&nbsp; (7.56) <br>| &nbsp;&nbsp; (7.15) <br>|
| Year Ended 12/31/2021 | $30.23<br>| 0.35<br>| 8.18<br>| 8.53<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $59.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.58%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.26% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1113210<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $50.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.70%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1062457<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $40.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.96%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $916315<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $32.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.34%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $781574<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $39.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.39%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $947973<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $57.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.25%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $331513<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $48.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.40%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $227913<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $39.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.65%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $132360<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $31.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.54%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $69385<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $38.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.07%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43195<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $58.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.43%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1014510<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $49.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.54%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $941800<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $39.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.82%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $812224<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $31.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.45%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $673982<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $38.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.22%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $858770<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Large Cap Index Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

**Futures contracts**

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

**Effects of derivative transactions in the financial statements**

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of trust capital - unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 289,470<br> \*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 3429242 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 572471 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 27551918 |

---

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to 0.20% of the Fund's daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.04% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.375 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $58,620,962 and $194,015,835, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 99.5% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Large Cap Index Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Large Cap Index Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Large Cap Index Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Columbia Variable Portfolio – Large Cap Index Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgce24cc402.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7014_12_E01_(02/26)

------

![](g245812img4080ceaf1.jpg)

Columbia Variable Portfolio – Emerging Markets Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_951cca92-4bd6-46e2-9aa8-a618609e1d4f_POI-CommonContent-Date-240_1) | 3 |
| [Statement of Assets and Liabilities](#xx_951cca92-4bd6-46e2-9aa8-a618609e1d4f_FS-CommonContent-Date-240_1) | 7 |
| [Statement of Operations](#xx_951cca92-4bd6-46e2-9aa8-a618609e1d4f_FS-CommonContent-Date-240_2) | 8 |
| [Statement of Changes in Net Assets](#xx_951cca92-4bd6-46e2-9aa8-a618609e1d4f_FS-CommonContent-Date-240_3) | 9 |
| [Financial Highlights](#xx_951cca92-4bd6-46e2-9aa8-a618609e1d4f_FIHI-CommonContent-Date-240_1) | 10 |
| [Notes to Financial Statements](#xx_951cca92-4bd6-46e2-9aa8-a618609e1d4f_NTF-CommonContent-Date-240_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_951cca92-4bd6-46e2-9aa8-a618609e1d4f_AUD-CommonContent-Date-240_1) | 20 |
| [Federal Income Tax Information](#xx_951cca92-4bd6-46e2-9aa8-a618609e1d4f_CCH-CommonContent-Date-240_1) | 21 |

---

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.3%** | **Common Stocks 98.3%** | **Common Stocks 98.3%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Brazil 7.6%** | **Brazil 7.6%** | **Brazil 7.6%** |
| Banco BTG Pactual SA | &nbsp;&nbsp; 195408 | &nbsp;&nbsp; 1875004 |
| Embraer SA, ADR | &nbsp;&nbsp; 127153 | &nbsp;&nbsp; 8184839 |
| MercadoLibre, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3769 | &nbsp;&nbsp; 7591746 |
| NU Holdings Ltd., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 874265 | &nbsp;&nbsp; 14635196 |
| Petroleo Brasileiro SA, ADR | &nbsp;&nbsp; 382154 | &nbsp;&nbsp; 4528525 |
| **Total** | **Total** | &nbsp;&nbsp; **36815310** |
| **China 26.6%** | **China 26.6%** | **China 26.6%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 960200 | &nbsp;&nbsp; 17630196 |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 72341 | &nbsp;&nbsp; 2850235 |
| Bilibili, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 79780 | &nbsp;&nbsp; 1969060 |
| China Animal Healthcare Ltd.<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 4603000 | &nbsp;&nbsp; 1 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 4121000 | &nbsp;&nbsp; 4079011 |
| China Resources Land Ltd. | &nbsp;&nbsp; 1313500 | &nbsp;&nbsp; 4595020 |
| CITIC Securities Co., Ltd., Class A | &nbsp;&nbsp; 336680 | &nbsp;&nbsp; 1383619 |
| Contemporary Amperex Technology Co., Ltd., <br> Class A<br>| &nbsp;&nbsp; 154800 | &nbsp;&nbsp; 8139777 |
| Eastroc Beverage Group Co., Ltd., Class A | &nbsp;&nbsp; 95920 | &nbsp;&nbsp; 3671595 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 15629 | &nbsp;&nbsp; 2566438 |
| Fuyao Glass Industry Group Co., Ltd., Class A | &nbsp;&nbsp; 314275 | &nbsp;&nbsp; 2913589 |
| Hansoh Pharmaceutical Group Co., Ltd. | &nbsp;&nbsp; 498000 | &nbsp;&nbsp; 2307400 |
| Hesai Group, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 54888 | &nbsp;&nbsp; 1229491 |
| Huatai Securities Co., Ltd., Class H | &nbsp;&nbsp; 604000 | &nbsp;&nbsp; 1465880 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd., <br> Class H<sup>(a)</sup> <br>| &nbsp;&nbsp; 157200 | &nbsp;&nbsp; 1441154 |
| Kuaishou Technology | &nbsp;&nbsp; 270500 | &nbsp;&nbsp; 2236064 |
| New Horizon Health Ltd.<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 272000 | &nbsp;&nbsp; 0 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 862000 | &nbsp;&nbsp; 7240546 |
| Sieyuan Electric Co., Ltd., Class A | &nbsp;&nbsp; 230600 | &nbsp;&nbsp; 5097677 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 404501 | &nbsp;&nbsp; 31042838 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 203243 | &nbsp;&nbsp; 3562850 |
| Trip.com Group Ltd., ADR | &nbsp;&nbsp; 78226 | &nbsp;&nbsp; 5625232 |
| WuXi Biologics Cayman, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 848500 | &nbsp;&nbsp; 3431176 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 591000 | &nbsp;&nbsp; 4621055 |
| Xiaomi Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 2245841 |
| Zhejiang Shuanghuan Driveline Co., Ltd., Class A | &nbsp;&nbsp; 234700 | &nbsp;&nbsp; 1593636 |
| Zijin Mining Group Co., Ltd., Class H | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp; 6043537 |
| **Total** | **Total** | &nbsp;&nbsp; **128982918** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Finland 0.6%** | **Finland 0.6%** | **Finland 0.6%** |
| Amer Sports, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 76767 | &nbsp;&nbsp; 2867247 |
| **Greece 4.5%** | **Greece 4.5%** | **Greece 4.5%** |
| Eurobank SA | &nbsp;&nbsp; 1739630 | &nbsp;&nbsp; 6994479 |
| JUMBO SA | &nbsp;&nbsp; 73358 | &nbsp;&nbsp; 2405268 |
| National Bank of Greece SA | &nbsp;&nbsp; 226006 | &nbsp;&nbsp; 3447146 |
| Piraeus Bank SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 625474 | &nbsp;&nbsp; 4993977 |
| Public Power Corp. SA | &nbsp;&nbsp; 182482 | &nbsp;&nbsp; 3899350 |
| **Total** | **Total** | &nbsp;&nbsp; **21740220** |
| **Hong Kong 1.1%** | **Hong Kong 1.1%** | **Hong Kong 1.1%** |
| Damai Entertainment Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11530000 | &nbsp;&nbsp; 1410952 |
| Hong Kong Exchanges and Clearing Ltd. | &nbsp;&nbsp; 71000 | &nbsp;&nbsp; 3714816 |
| Zijin Gold International Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3847 | &nbsp;&nbsp; 72168 |
| **Total** | **Total** | &nbsp;&nbsp; **5197936** |
| **India 10.4%** | **India 10.4%** | **India 10.4%** |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 472946 | &nbsp;&nbsp; 6267557 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 387940 | &nbsp;&nbsp; 4266171 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 703334 | &nbsp;&nbsp; 3130682 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 360654 | &nbsp;&nbsp; 8465084 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 285151 | &nbsp;&nbsp; 2055841 |
| Cholamandalam Investment and Finance Co., Ltd. | &nbsp;&nbsp; 94965 | &nbsp;&nbsp; 1801268 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 22202 | &nbsp;&nbsp; 1807301 |
| Eternal Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 928230 | &nbsp;&nbsp; 2876569 |
| HDFC Bank Ltd., ADR | &nbsp;&nbsp; 50164 | &nbsp;&nbsp; 1832993 |
| ICICI Bank Ltd., ADR | &nbsp;&nbsp; 243234 | &nbsp;&nbsp; 7248373 |
| Lodha Developers Ltd. | &nbsp;&nbsp; 205845 | &nbsp;&nbsp; 2433756 |
| MakeMyTrip, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18417 | &nbsp;&nbsp; 1512404 |
| NTPC Ltd. | &nbsp;&nbsp; 420920 | &nbsp;&nbsp; 1545088 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 245262 | &nbsp;&nbsp; 5064256 |
| **Total** | **Total** | &nbsp;&nbsp; **50307343** |
| **Mexico 1.3%** | **Mexico 1.3%** | **Mexico 1.3%** |
| BBB Foods, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 110098 | &nbsp;&nbsp; 3676172 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 147521 | &nbsp;&nbsp; 1524486 |
| Vista Energy SAB de CV, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 24837 | &nbsp;&nbsp; 1208569 |
| **Total** | **Total** | &nbsp;&nbsp; **6409227** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Poland 1.3%** | **Poland 1.3%** | **Poland 1.3%** |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 277504 | &nbsp;&nbsp; 6549650 |
| **Russian Federation —%** | **Russian Federation —%** | **Russian Federation —%** |
| Detsky Mir PJSC<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 911435 | &nbsp;&nbsp; 0 |
| **Singapore 0.6%** | **Singapore 0.6%** | **Singapore 0.6%** |
| Sea Ltd. ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 23847 | &nbsp;&nbsp; 3042162 |
| **South Africa 2.1%** | **South Africa 2.1%** | **South Africa 2.1%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 30602 | &nbsp;&nbsp; 7681744 |
| Clicks Group Ltd. | &nbsp;&nbsp; 117291 | &nbsp;&nbsp; 2389976 |
| **Total** | **Total** | &nbsp;&nbsp; **10071720** |
| **South Korea 15.6%** | **South Korea 15.6%** | **South Korea 15.6%** |
| Coupang, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 205349 | &nbsp;&nbsp; 4844183 |
| Doosan Enerbility Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 51878 | &nbsp;&nbsp; 2713431 |
| Hanwha Aerospace Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6313 | &nbsp;&nbsp; 4122702 |
| HD Hyundai Co., Ltd. | &nbsp;&nbsp; 15555 | &nbsp;&nbsp; 2036005 |
| HD Hyundai Electric Co., Ltd. | &nbsp;&nbsp; 12481 | &nbsp;&nbsp; 6702899 |
| HD Hyundai Heavy Industries Co., Ltd. | &nbsp;&nbsp; 4682 | &nbsp;&nbsp; 1650167 |
| HD Hyundai Marine Solution Co., Ltd. | &nbsp;&nbsp; 15586 | &nbsp;&nbsp; 2088477 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 59367 | &nbsp;&nbsp; 5110590 |
| Samsung Biologics Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2149 | &nbsp;&nbsp; 2523322 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp; 277422 | &nbsp;&nbsp; 23252097 |
| SK Hynix, Inc. | &nbsp;&nbsp; 45667 | &nbsp;&nbsp; 20681588 |
| **Total** | **Total** | &nbsp;&nbsp; **75725461** |
| **Taiwan 21.1%** | **Taiwan 21.1%** | **Taiwan 21.1%** |
| Accton Technology Corp. | &nbsp;&nbsp; 262672 | &nbsp;&nbsp; 9912453 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 6441969 |
| Chroma ATE, Inc. | &nbsp;&nbsp; 61000 | &nbsp;&nbsp; 1508742 |
| Elite Material Co., Ltd. | &nbsp;&nbsp; 53000 | &nbsp;&nbsp; 2776773 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 33000 | &nbsp;&nbsp; 1812403 |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 142000 | &nbsp;&nbsp; 3101862 |
| Jentech Precision Industrial Co., Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 5406061 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| MediaTek, Inc. | &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 4449709 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp; 1247838 | &nbsp;&nbsp; 61340328 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 763000 | &nbsp;&nbsp; 5327917 |
| **Total** | **Total** | &nbsp;&nbsp; **102078217** |
| **Turkey 0.4%** | **Turkey 0.4%** | **Turkey 0.4%** |
| BIM Birlesik Magazalar AS | &nbsp;&nbsp; 151295 | &nbsp;&nbsp; 1888711 |
| **United Arab Emirates 3.2%** | **United Arab Emirates 3.2%** | **United Arab Emirates 3.2%** |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 2671960 | &nbsp;&nbsp; 3884900 |
| Aldar Properties PJSC | &nbsp;&nbsp; 1572697 | &nbsp;&nbsp; 3722168 |
| Emaar Properties PJSC | &nbsp;&nbsp; 1378923 | &nbsp;&nbsp; 5262720 |
| Salik Co. PJSC | &nbsp;&nbsp; 1660437 | &nbsp;&nbsp; 2870812 |
| **Total** | **Total** | &nbsp;&nbsp; **15740600** |
| **United Kingdom 1.3%** | **United Kingdom 1.3%** | **United Kingdom 1.3%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 72208 | &nbsp;&nbsp; 6157898 |
| **Uruguay 0.3%** | **Uruguay 0.3%** | **Uruguay 0.3%** |
| Dlocal Ltd. | &nbsp;&nbsp; 88959 | &nbsp;&nbsp; 1257880 |
| **Vietnam 0.3%** | **Vietnam 0.3%** | **Vietnam 0.3%** |
| Vietnam TechnologicaL & Commercial Joint Stock <br> Bank<br>| &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1406616 |
| Total Common Stocks <br>(Cost $366,398,004) | Total Common Stocks <br>(Cost $366,398,004) | &nbsp;&nbsp; **476239116** |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(e),(f)</sup> <br>| &nbsp;&nbsp; 18296 | &nbsp;&nbsp; 18290 |
| Total Money Market Funds <br>(Cost $18,290) | Total Money Market Funds <br>(Cost $18,290) | &nbsp;&nbsp; **18290** |
| **Total Investments in Securities** <br>**(Cost $366,416,294)** | **Total Investments in Securities** <br>**(Cost $366,416,294)** | &nbsp;&nbsp; **476257406** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **8079066** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$484336472** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2025, the total value of these securities amounted to $1, which represents less than 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Valuation based on significant unobservable inputs.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At December 31, 2025, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Detsky Mir PJSC | 02/08/2017-09/21/2020 | &nbsp;&nbsp; 911435 | &nbsp;&nbsp; 1345538 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 2770567 | &nbsp;&nbsp; 136708764 | &nbsp;&nbsp; (139461041)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 18290 | &nbsp;&nbsp; (2067)<br>| &nbsp;&nbsp; 119054 | &nbsp;&nbsp; 18296 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Brazil | 36815310 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36815310 |
| China | 15834246 | &nbsp;&nbsp;&nbsp;&nbsp; 113148671 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 128982918 |
| Finland | 2867247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2867247 |
| Greece | 7399245 | &nbsp;&nbsp;&nbsp;&nbsp; 14340975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21740220 |
| Hong Kong | 72168 | &nbsp;&nbsp;&nbsp;&nbsp; 5125768 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5197936 |
| India | 10593770 | &nbsp;&nbsp;&nbsp;&nbsp; 39713573 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50307343 |
| Mexico | 6409227 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6409227 |
| Poland |  | &nbsp;&nbsp;&nbsp;&nbsp; 6549650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6549650 |
| Russian Federation |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Singapore | 3042162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3042162 |
| South Africa |  | &nbsp;&nbsp;&nbsp;&nbsp; 10071720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10071720 |
| South Korea | 4844183 | &nbsp;&nbsp;&nbsp;&nbsp; 70881278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75725461 |
| Taiwan |  | &nbsp;&nbsp;&nbsp;&nbsp; 102078217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102078217 |
| Turkey |  | &nbsp;&nbsp;&nbsp;&nbsp; 1888711 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1888711 |
| United Arab Emirates | 6755712 | &nbsp;&nbsp;&nbsp;&nbsp; 8984888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15740600 |
| United Kingdom | 6157898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6157898 |
| Uruguay | 1257880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1257880 |
| Vietnam | 1406616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1406616 |
| Total Common Stocks | 103455664 | &nbsp;&nbsp;&nbsp;&nbsp; 372783451 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 476239116 |
| Money Market Funds | 18290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18290 |
| Total Investments in Securities | 103473954 | &nbsp;&nbsp;&nbsp;&nbsp; 372783451 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 476257406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $366,398,004) | $476239116 |
| Affiliated issuers (cost $18,290) | 18290 |
| Foreign currency (cost $1,160,212) | 1160212 |
| Receivable for: |  |
| Investments sold | 8836695 |
| Capital shares sold | 310634 |
| Dividends | 581148 |
| Foreign tax reclaims | 31590 |
| Expense reimbursement due from Investment Manager | 1635 |
| Prepaid expenses | 3874 |
| Total assets | 487183194 |
| **Liabilities** |  |
| Due to custodian | 696 |
| Payable for: |  |
| Capital shares redeemed | 358318 |
| Foreign capital gains taxes deferred | 1213922 |
| Management services fees | 14637 |
| Distribution and/or service fees | 864 |
| Service fees | 11294 |
| Compensation of chief compliance officer | 79 |
| Interfund lending | 1000000 |
| Compensation of board members | 657 |
| Other expenses | 80566 |
| Deferred compensation of board members | 165689 |
| Total liabilities | 2846722 |
| **Net assets applicable to outstanding capital stock** | **$484336472** |
| **Represented by** |  |
| Paid in capital | 348350480 |
| Total distributable earnings (loss) | 135985992 |
| **Total - representing net assets applicable to outstanding capital stock** | **$484336472** |
| **Class 1** |  |
| Net assets | $293942753 |
| Shares outstanding | 21891873 |
| Net asset value per share | $13.43 |
| **Class 2** |  |
| Net assets | $62182252 |
| Shares outstanding | 4737203 |
| Net asset value per share | $13.13 |
| **Class 3** |  |
| Net assets | $128211467 |
| Shares outstanding | 9637899 |
| Net asset value per share | $13.30 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $8081394 |
| Dividends — affiliated issuers | 119054 |
| Foreign taxes withheld | (895730)<br>|
| Total income | 7304718 |
| Expenses: |  |
| Management services fees | 5097842 |
| Distribution and/or service fees |  |
| Class 2 | 140649 |
| Class 3 | 148858 |
| Service fees | 110268 |
| Custodian fees | 182578 |
| Printing and postage fees | 21239 |
| Accounting services fees | 52343 |
| Legal fees | 25099 |
| Interest on interfund lending | 4541 |
| Compensation of chief compliance officer | 101 |
| Compensation of board members | 15828 |
| Deferred compensation of board members | 25600 |
| Other | 80623 |
| Total expenses | 5905569 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (556080)<br>|
| Total net expenses | 5349489 |
| **Net investment income** | 1955229 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 52608056 |
| Investments — affiliated issuers | (2067)<br>|
| Foreign currency translations | (183681)<br>|
| Net realized gain | 52422308 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 73050251 |
| Foreign currency translations | (2774)<br>|
| Foreign capital gains tax | (256827)<br>|
| Net change in unrealized appreciation (depreciation) | 72790650 |
| Net realized and unrealized gain | 125212958 |
| **Net increase in net assets resulting from operations** | **$127168187** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $1955229 | &nbsp;&nbsp; $1641540 |
| Net realized gain | 52422308 | &nbsp;&nbsp; 4800627 |
| Net change in unrealized appreciation (depreciation) | 72790650 | &nbsp;&nbsp; 2291418 |
| Net increase in net assets resulting from operations | 127168187 | &nbsp;&nbsp; 8733585 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (843655)<br>| &nbsp;&nbsp; (873535)<br>|
| Class 2 | (35153)<br>| &nbsp;&nbsp; (615111)<br>|
| Class 3 | (204940)<br>| &nbsp;&nbsp; (1358393)<br>|
| Total distributions to shareholders | (1083748)<br>| &nbsp;&nbsp; (2847039)<br>|
| Increase (decrease) in net assets from capital stock activity | (89641071)<br>| &nbsp;&nbsp; 192573859 |
| Total increase in net assets | 36443368 | &nbsp;&nbsp; 198460405 |
| Net assets at beginning of year | 447893104 | &nbsp;&nbsp; 249432699 |
| **Net assets at end of year** | **$484336472** | &nbsp;&nbsp; **$447893104** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 285305 | &nbsp;&nbsp;&nbsp;&nbsp; 3239184 | &nbsp;&nbsp;&nbsp;&nbsp; 20856452 | &nbsp;&nbsp;&nbsp;&nbsp; 219078481 |
| Distributions reinvested | 81121 | &nbsp;&nbsp;&nbsp;&nbsp; 843655 | &nbsp;&nbsp;&nbsp;&nbsp; 88504 | &nbsp;&nbsp;&nbsp;&nbsp; 873535 |
| Shares redeemed | (5441748)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65824245)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (948614)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9835847)<br>|
| Net increase (decrease) | (5075322)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (61741406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19996342 | &nbsp;&nbsp;&nbsp;&nbsp; 210116169 |
| Class 2 |  |  |  |  |
| Shares sold | 230969 | &nbsp;&nbsp;&nbsp;&nbsp; 2667616 | &nbsp;&nbsp;&nbsp;&nbsp; 217810 | &nbsp;&nbsp;&nbsp;&nbsp; 2137775 |
| Distributions reinvested | 3450 | &nbsp;&nbsp;&nbsp;&nbsp; 35153 | &nbsp;&nbsp;&nbsp;&nbsp; 63611 | &nbsp;&nbsp;&nbsp;&nbsp; 615111 |
| Shares redeemed | (1238739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13290715)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (711268)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7063685)<br>|
| Net decrease | (1004320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10587946)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (429847)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4310799)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 66145 | &nbsp;&nbsp;&nbsp;&nbsp; 742304 | &nbsp;&nbsp;&nbsp;&nbsp; 151890 | &nbsp;&nbsp;&nbsp;&nbsp; 1513687 |
| Distributions reinvested | 19858 | &nbsp;&nbsp;&nbsp;&nbsp; 204940 | &nbsp;&nbsp;&nbsp;&nbsp; 138753 | &nbsp;&nbsp;&nbsp;&nbsp; 1358393 |
| Shares redeemed | (1589433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18258963)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1611028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16103591)<br>|
| Net decrease | (1503430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17311719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1320385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13231511)<br>|
| **Total net increase (decrease)** | **(7583072)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(89641071)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **18246110** | &nbsp;&nbsp;&nbsp;&nbsp; **192573859** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $10.27<br>| 0.06<br>| 3.13<br>| 3.19<br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.03) <br>|
| Year Ended 12/31/2024 | $9.84<br>| 0.08<br>| 0.47<br>| 0.55<br>| &nbsp;&nbsp; (0.12) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.12) <br>|
| Year Ended 12/31/2023 | $9.00<br>| 0.10<br>| 0.75<br>| 0.85<br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.01) <br>|
| Year Ended 12/31/2022 | $19.42<br>| 0.02<br>| &nbsp;&nbsp; (6.18) <br>| &nbsp;&nbsp; (6.16) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (4.26) <br>| &nbsp;&nbsp; (4.26) <br>|
| Year Ended 12/31/2021 | $21.90<br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (1.41) <br>| &nbsp;&nbsp; (1.44) <br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.80) <br>| &nbsp;&nbsp; (1.04) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $10.04<br>| 0.02<br>| 3.08<br>| 3.10<br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.01) <br>|
| Year Ended 12/31/2024 | $9.62<br>| 0.05<br>| 0.47<br>| 0.52<br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.10) <br>|
| Year Ended 12/31/2023 | $8.81<br>| 0.07<br>| 0.74<br>| 0.81<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 12/31/2022 | $19.18<br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (6.10) <br>| &nbsp;&nbsp; (6.11) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (4.26) <br>| &nbsp;&nbsp; (4.26) <br>|
| Year Ended 12/31/2021 | $21.66<br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; (1.40) <br>| &nbsp;&nbsp; (1.48) <br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (0.80) <br>| &nbsp;&nbsp; (1.00) <br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $10.17<br>| 0.04<br>| 3.11<br>| 3.15<br>| &nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.02) <br>|
| Year Ended 12/31/2024 | $9.75<br>| 0.06<br>| 0.47<br>| 0.53<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.11) <br>|
| Year Ended 12/31/2023 | $8.92<br>| 0.09<br>| 0.74<br>| 0.83<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 12/31/2022 | $19.32<br>| 0.01<br>| &nbsp;&nbsp; (6.15) <br>| &nbsp;&nbsp; (6.14) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (4.26) <br>| &nbsp;&nbsp; (4.26) <br>|
| Year Ended 12/31/2021 | $21.80<br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (1.40) <br>| &nbsp;&nbsp; (1.46) <br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; (0.80) <br>| &nbsp;&nbsp; (1.02) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $293943<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $276908<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $68576<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32.90%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60003<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $19.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.20%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85630<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62182<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $57640<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59381<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33.07%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56612<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $19.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.47%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $80663<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $128211<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $113345<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $121476<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32.98%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $121983<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $19.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.33%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $194723<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Emerging Markets Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Distributions to subaccounts**

Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 1.10% to 0.70% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 1.10% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.02% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.215 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, trustees' deferred compensation, foreign currency transactions and foreign capital gains tax. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 1234681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1234681)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 1083748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2847039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2847039 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 3706940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26111673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107555200 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 368702206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119274106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11718906)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107555200 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

The following capital loss carryforwards, determined at December 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended December 31, 2025, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25220541 |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $257,418,380 and $351,165,727, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 1044118 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had an outstanding interfund loan balance at December 31, 2025 as shown in the Statement of Assets and Liabilities. The loans are unsecured.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 99.6% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Emerging Markets Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Emerging Markets Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Capital** <br>**gain** <br>**dividend**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**per share** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income** <br>**per share**<br>|
| $27417257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1087463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8076634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.22 |

---

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2026.

Columbia Variable Portfolio – Emerging Markets Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Columbia Variable Portfolio – Emerging Markets Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img1f7042292.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7007_12_E01_(02/26)

------

![](g245812imgcc9d90001.jpg)

Columbia Variable Portfolio – Select Mid Cap Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_07b31d23-5024-4910-b111-055ca9e98a9b_POI-CommonContent-Date-256_1) | 3 |
| [Statement of Assets and Liabilities](#xx_07b31d23-5024-4910-b111-055ca9e98a9b_FS-CommonContent-Date-256_1) | 7 |
| [Statement of Operations](#xx_07b31d23-5024-4910-b111-055ca9e98a9b_FS-CommonContent-Date-256_2) | 8 |
| [Statement of Changes in Net Assets](#xx_07b31d23-5024-4910-b111-055ca9e98a9b_FS-CommonContent-Date-256_3) | 9 |
| [Financial Highlights](#xx_07b31d23-5024-4910-b111-055ca9e98a9b_FIHI-CommonContent-Date-256_1) | 10 |
| [Notes to Financial Statements](#xx_07b31d23-5024-4910-b111-055ca9e98a9b_NTF-CommonContent-Date-256_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_07b31d23-5024-4910-b111-055ca9e98a9b_AUD-CommonContent-Date-256_1) | 19 |

---

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.7%** | **Common Stocks 99.7%** | **Common Stocks 99.7%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 13.8%** | **Communication Services 13.8%** | **Communication Services 13.8%** |
| **Entertainment 12.5%** | **Entertainment 12.5%** | **Entertainment 12.5%** |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(a)</sup> <br>| &nbsp;&nbsp; 25972 | &nbsp;&nbsp; 2558502 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33232 | &nbsp;&nbsp; 4735560 |
| Roblox Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 128108 | &nbsp;&nbsp; 10380591 |
| Roku, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 77313 | &nbsp;&nbsp; 8387687 |
| Spotify Technology SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 22250 | &nbsp;&nbsp; 12920797 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 55917 | &nbsp;&nbsp; 14316430 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp; 27477 | &nbsp;&nbsp; 5742693 |
| Total |  | &nbsp;&nbsp; 59042260 |
| **Interactive Media & Services 1.3%** | **Interactive Media & Services 1.3%** | **Interactive Media & Services 1.3%** |
| Reddit, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 26750 | &nbsp;&nbsp; 6149023 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **65191283** |
| **Consumer Discretionary 19.7%** | **Consumer Discretionary 19.7%** | **Consumer Discretionary 19.7%** |
| **Hotels, Restaurants & Leisure 10.3%** | **Hotels, Restaurants & Leisure 10.3%** | **Hotels, Restaurants & Leisure 10.3%** |
| Domino's Pizza, Inc. | &nbsp;&nbsp; 2843 | &nbsp;&nbsp; 1185019 |
| DoorDash, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 55914 | &nbsp;&nbsp; 12663403 |
| DraftKings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 314690 | &nbsp;&nbsp; 10844218 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 22165 | &nbsp;&nbsp; 6366896 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 22451 | &nbsp;&nbsp; 6262033 |
| Viking Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 101357 | &nbsp;&nbsp; 7237903 |
| Wynn Resorts Ltd. | &nbsp;&nbsp; 31311 | &nbsp;&nbsp; 3767653 |
| Total |  | &nbsp;&nbsp; 48327125 |
| **Household Durables 2.3%** | **Household Durables 2.3%** | **Household Durables 2.3%** |
| SharkNinja, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 97832 | &nbsp;&nbsp; 10947401 |
| **Specialty Retail 5.1%** | **Specialty Retail 5.1%** | **Specialty Retail 5.1%** |
| Gap, Inc. (The) | &nbsp;&nbsp; 299681 | &nbsp;&nbsp; 7671834 |
| Ross Stores, Inc. | &nbsp;&nbsp; 19729 | &nbsp;&nbsp; 3553982 |
| Tractor Supply Co. | &nbsp;&nbsp; 89658 | &nbsp;&nbsp; 4483796 |
| Wayfair, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 84598 | &nbsp;&nbsp; 8494485 |
| Total |  | &nbsp;&nbsp; 24204097 |
| **Textiles, Apparel & Luxury Goods 2.0%** | **Textiles, Apparel & Luxury Goods 2.0%** | **Textiles, Apparel & Luxury Goods 2.0%** |
| Tapestry, Inc. | &nbsp;&nbsp; 74165 | &nbsp;&nbsp; 9476062 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **92954685** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Staples 5.1%** | **Consumer Staples 5.1%** | **Consumer Staples 5.1%** |
| **Beverages 2.5%** | **Beverages 2.5%** | **Beverages 2.5%** |
| Celsius Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 257862 | &nbsp;&nbsp; 11794608 |
| **Consumer Staples Distribution & Retail 2.6%** | **Consumer Staples Distribution & Retail 2.6%** | **Consumer Staples Distribution & Retail 2.6%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp; 16380 | &nbsp;&nbsp; 9053390 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 40604 | &nbsp;&nbsp; 3234920 |
| Total |  | &nbsp;&nbsp; 12288310 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **24082918** |
| **Financials 5.2%** | **Financials 5.2%** | **Financials 5.2%** |
| **Capital Markets 2.4%** | **Capital Markets 2.4%** | **Capital Markets 2.4%** |
| Coinbase Global, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 11095 | &nbsp;&nbsp; 2509023 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 10894 | &nbsp;&nbsp; 3891010 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 44606 | &nbsp;&nbsp; 5044939 |
| Total |  | &nbsp;&nbsp; 11444972 |
| **Financial Services 2.8%** | **Financial Services 2.8%** | **Financial Services 2.8%** |
| Affirm Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 78172 | &nbsp;&nbsp; 5818342 |
| Rocket Companies, Inc. | &nbsp;&nbsp; 373206 | &nbsp;&nbsp; 7225268 |
| Total |  | &nbsp;&nbsp; 13043610 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **24488582** |
| **Health Care 13.4%** | **Health Care 13.4%** | **Health Care 13.4%** |
| **Biotechnology 4.7%** | **Biotechnology 4.7%** | **Biotechnology 4.7%** |
| Argenx SE, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 10774 | &nbsp;&nbsp; 9060395 |
| Ascendis Pharma A/S ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 17745 | &nbsp;&nbsp; 3783944 |
| Insmed, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 34933 | &nbsp;&nbsp; 6079740 |
| Natera, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13469 | &nbsp;&nbsp; 3085613 |
| Total |  | &nbsp;&nbsp; 22009692 |
| **Health Care Equipment & Supplies 4.3%** | **Health Care Equipment & Supplies 4.3%** | **Health Care Equipment & Supplies 4.3%** |
| DexCom, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 133952 | &nbsp;&nbsp; 8890394 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 12323 | &nbsp;&nbsp; 8336879 |
| Insulet Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11475 | &nbsp;&nbsp; 3261654 |
| Total |  | &nbsp;&nbsp; 20488927 |
| **Health Care Providers & Services 0.6%** | **Health Care Providers & Services 0.6%** | **Health Care Providers & Services 0.6%** |
| Guardant Health, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26032 | &nbsp;&nbsp; 2658908 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Life Sciences Tools & Services 3.3%** | **Life Sciences Tools & Services 3.3%** | **Life Sciences Tools & Services 3.3%** |
| Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37500 | &nbsp;&nbsp; 7480500 |
| IQVIA Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35916 | &nbsp;&nbsp; 8095826 |
| Total |  | &nbsp;&nbsp; 15576326 |
| **Pharmaceuticals 0.5%** | **Pharmaceuticals 0.5%** | **Pharmaceuticals 0.5%** |
| UCB SA | &nbsp;&nbsp; 8607 | &nbsp;&nbsp; 2398139 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **63131992** |
| **Industrials 23.9%** | **Industrials 23.9%** | **Industrials 23.9%** |
| **Aerospace & Defense 13.5%** | **Aerospace & Defense 13.5%** | **Aerospace & Defense 13.5%** |
| Aerovironment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31063 | &nbsp;&nbsp; 7513829 |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5249 | &nbsp;&nbsp; 2981065 |
| BWX Technologies, Inc. | &nbsp;&nbsp; 17678 | &nbsp;&nbsp; 3055465 |
| Carpenter Technology Corp. | &nbsp;&nbsp; 43845 | &nbsp;&nbsp; 13804161 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 66156 | &nbsp;&nbsp; 13563303 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 95018 | &nbsp;&nbsp; 7212816 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 24222 | &nbsp;&nbsp; 7110853 |
| Rocket Lab Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 123304 | &nbsp;&nbsp; 8601687 |
| Total |  | &nbsp;&nbsp; 63843179 |
| **Electrical Equipment 4.4%** | **Electrical Equipment 4.4%** | **Electrical Equipment 4.4%** |
| Bloom Energy Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 64828 | &nbsp;&nbsp; 5632905 |
| Vertiv Holdings Co. | &nbsp;&nbsp; 92624 | &nbsp;&nbsp; 15006014 |
| Total |  | &nbsp;&nbsp; 20638919 |
| **Ground Transportation 0.5%** | **Ground Transportation 0.5%** | **Ground Transportation 0.5%** |
| XPO, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17320 | &nbsp;&nbsp; 2353961 |
| **Machinery 2.4%** | **Machinery 2.4%** | **Machinery 2.4%** |
| RBC Bearings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 25668 | &nbsp;&nbsp; 11510301 |
| **Trading Companies & Distributors 3.1%** | **Trading Companies & Distributors 3.1%** | **Trading Companies & Distributors 3.1%** |
| Fastenal Co. | &nbsp;&nbsp; 87442 | &nbsp;&nbsp; 3509048 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 20949 | &nbsp;&nbsp; 4663876 |
| FTAI Aviation Ltd. | &nbsp;&nbsp; 33912 | &nbsp;&nbsp; 6675577 |
| Total |  | &nbsp;&nbsp; 14848501 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **113194861** |
| **Information Technology 17.9%** | **Information Technology 17.9%** | **Information Technology 17.9%** |
| **Communications Equipment 2.2%** | **Communications Equipment 2.2%** | **Communications Equipment 2.2%** |
| Lumentum Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 28750 | &nbsp;&nbsp; 10596963 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **IT Services 6.5%** | **IT Services 6.5%** | **IT Services 6.5%** |
| Cloudflare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 53237 | &nbsp;&nbsp; 10495674 |
| MongoDB, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31897 | &nbsp;&nbsp; 13386852 |
| Snowflake, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 32499 | &nbsp;&nbsp; 7128981 |
| Total |  | &nbsp;&nbsp; 31011507 |
| **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26977 | &nbsp;&nbsp; 3881720 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 51198 | &nbsp;&nbsp; 3262337 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 8215 | &nbsp;&nbsp; 7445747 |
| Total |  | &nbsp;&nbsp; 14589804 |
| **Software 6.1%** | **Software 6.1%** | **Software 6.1%** |
| Datadog, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 34899 | &nbsp;&nbsp; 4745915 |
| Fair Isaac Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2886 | &nbsp;&nbsp; 4879130 |
| Hut 8 Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 91631 | &nbsp;&nbsp; 4209528 |
| Unity Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 220654 | &nbsp;&nbsp; 9746287 |
| Zscaler, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22599 | &nbsp;&nbsp; 5082967 |
| Total |  | &nbsp;&nbsp; 28663827 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **84862101** |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| **Construction Materials 0.7%** | **Construction Materials 0.7%** | **Construction Materials 0.7%** |
| Vulcan Materials Co. | &nbsp;&nbsp; 12389 | &nbsp;&nbsp; 3533590 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **3533590** |
| Total Common Stocks <br>(Cost $411,639,807) | Total Common Stocks <br>(Cost $411,639,807) | &nbsp;&nbsp; **471440012** |
| **Money Market Funds 0.8%** | **Money Market Funds 0.8%** | **Money Market Funds 0.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 3781565 | &nbsp;&nbsp; 3780431 |
| Total Money Market Funds <br>(Cost $3,780,431) | Total Money Market Funds <br>(Cost $3,780,431) | &nbsp;&nbsp; **3780431** |
| **Total Investments in Securities** <br>**(Cost: $415,420,238)** | **Total Investments in Securities** <br>**(Cost: $415,420,238)** | &nbsp;&nbsp; **475220443** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(2535985)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **472684458** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 16259336 | &nbsp;&nbsp; 382408428 | &nbsp;&nbsp; (394887523)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; 3780431 | &nbsp;&nbsp; 3635 | &nbsp;&nbsp; 389014 | &nbsp;&nbsp; 3781565 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 65191283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65191283 |
| Consumer Discretionary | 92954685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92954685 |
| Consumer Staples | 24082918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24082918 |
| Financials | 24488582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24488582 |
| Health Care | 60733853 | &nbsp;&nbsp;&nbsp;&nbsp; 2398139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63131992 |
| Industrials | 113194861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113194861 |
| Information Technology | 84862101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84862101 |
| Materials | 3533590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3533590 |
| Total Common Stocks | 469041873 | &nbsp;&nbsp;&nbsp;&nbsp; 2398139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 471440012 |
| Money Market Funds | 3780431 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3780431 |
| Total Investments in Securities | 472822304 | &nbsp;&nbsp;&nbsp;&nbsp; 2398139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 475220443 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $411,639,807) | $471440012 |
| Affiliated issuers (cost $3,780,431) | 3780431 |
| Receivable for: |  |
| Investments sold | 1731272 |
| Capital shares sold | 7059 |
| Dividends | 67791 |
| Expense reimbursement due from Investment Manager | 971 |
| Prepaid expenses | 4008 |
| Total assets | 477031544 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 3607018 |
| Capital shares redeemed | 524939 |
| Management services fees | 10744 |
| Distribution and/or service fees | 1371 |
| Service fees | 20274 |
| Compensation of chief compliance officer | 80 |
| Compensation of board members | 668 |
| Other expenses | 31390 |
| Deferred compensation of board members | 150602 |
| Total liabilities | 4347086 |
| **Net assets applicable to outstanding capital stock** | **$472684458** |
| **Represented by** |  |
| Trust capital | $472684458 |
| **Total - representing net assets applicable to outstanding capital stock** | **$472684458** |
| **Class 1** |  |
| Net assets | $137957265 |
| Shares outstanding | 2133960 |
| Net asset value per share | $64.65 |
| **Class 2** |  |
| Net assets | $60682600 |
| Shares outstanding | 975367 |
| Net asset value per share | $62.22 |
| **Class 3** |  |
| Net assets | $274044593 |
| Shares outstanding | 4322817 |
| Net asset value per share | $63.39 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $1091239 |
| Dividends — affiliated issuers | 389014 |
| Interfund lending | 1436 |
| Total income | 1481689 |
| Expenses: |  |
| Management services fees | 3835732 |
| Distribution and/or service fees |  |
| Class 2 | 144331 |
| Class 3 | 340536 |
| Service fees | 212260 |
| Custodian fees | 17671 |
| Printing and postage fees | 23760 |
| Accounting services fees | 32423 |
| Legal fees | 25218 |
| Compensation of chief compliance officer | 73 |
| Compensation of board members | 16026 |
| Deferred compensation of board members | 18731 |
| Other | 12023 |
| Total expenses | 4678784 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (357240)<br>|
| Total net expenses | 4321544 |
| **Net investment loss** | (2839855)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 71458775 |
| Investments — affiliated issuers | 3635 |
| Foreign currency translations | (784)<br>|
| Increase from payment by affiliate (Note 5) | 53225 |
| Net realized gain | 71514851 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (2402017)<br>|
| Investments — affiliated issuers | 190 |
| Net change in unrealized appreciation (depreciation) | (2401827)<br>|
| Net realized and unrealized gain | 69113024 |
| **Net increase in net assets resulting from operations** | **$66273169** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment loss | $(2839855)<br>| &nbsp;&nbsp; $(2144998)<br>|
| Net realized gain | 71514851 | &nbsp;&nbsp; 94735495 |
| Net change in unrealized appreciation (depreciation) | (2401827)<br>| &nbsp;&nbsp; 5050105 |
| Net increase in net assets resulting from operations | 66273169 | &nbsp;&nbsp; 97640602 |
| Decrease in net assets from capital stock activity | (54822361)<br>| &nbsp;&nbsp; (88672012)<br>|
| Total increase in net assets | 11450808 | &nbsp;&nbsp; 8968590 |
| Net assets at beginning of year | 461233650 | &nbsp;&nbsp; 452265060 |
| **Net assets at end of year** | **$472684458** | &nbsp;&nbsp; **$461233650** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 69529 | &nbsp;&nbsp;&nbsp;&nbsp; 4132178 | &nbsp;&nbsp;&nbsp;&nbsp; 58054 | &nbsp;&nbsp;&nbsp;&nbsp; 2906642 |
| Shares redeemed | (405230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25059444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1172044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59660802)<br>|
| Net decrease | (335701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20927266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1113990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56754160)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 105220 | &nbsp;&nbsp;&nbsp;&nbsp; 6074824 | &nbsp;&nbsp;&nbsp;&nbsp; 104257 | &nbsp;&nbsp;&nbsp;&nbsp; 5032466 |
| Shares redeemed | (141992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8309755)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (109599)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5486495)<br>|
| Net decrease | (36772)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2234931)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5342)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (454029)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 19413 | &nbsp;&nbsp;&nbsp;&nbsp; 1187437 | &nbsp;&nbsp;&nbsp;&nbsp; 23080 | &nbsp;&nbsp;&nbsp;&nbsp; 1124682 |
| Shares redeemed | (553700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32847601)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (653049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32588505)<br>|
| Net decrease | (534287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31660164)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (629969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31463823)<br>|
| **Total net decrease** | **(906760)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(54822361)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1749301)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(88672012)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $56.15<br>| &nbsp;&nbsp; (0.30) <br>| 8.80<br>| 8.50<br>|
| Year Ended 12/31/2024 | $45.40<br>| &nbsp;&nbsp; (0.19) <br>| 10.94<br>| 10.75<br>|
| Year Ended 12/31/2023 | $36.25<br>| &nbsp;&nbsp; (0.04) <br>| 9.19<br>| 9.15<br>|
| Year Ended 12/31/2022 | $52.41<br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (16.01) <br>| &nbsp;&nbsp; (16.16) <br>|
| Year Ended 12/31/2021 | $44.96<br>| &nbsp;&nbsp; (0.27) <br>| 7.72<br>| 7.45<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $54.17<br>| &nbsp;&nbsp; (0.44) <br>| 8.49<br>| 8.05<br>|
| Year Ended 12/31/2024 | $43.91<br>| &nbsp;&nbsp; (0.30) <br>| 10.56<br>| 10.26<br>|
| Year Ended 12/31/2023 | $35.15<br>| &nbsp;&nbsp; (0.14) <br>| 8.90<br>| 8.76<br>|
| Year Ended 12/31/2022 | $50.95<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (15.56) <br>| &nbsp;&nbsp; (15.80) <br>|
| Year Ended 12/31/2021 | $43.82<br>| &nbsp;&nbsp; (0.38) <br>| 7.51<br>| 7.13<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $55.13<br>| &nbsp;&nbsp; (0.37) <br>| 8.63<br>| 8.26<br>|
| Year Ended 12/31/2024 | $44.63<br>| &nbsp;&nbsp; (0.25) <br>| 10.75<br>| 10.50<br>|
| Year Ended 12/31/2023 | $35.68<br>| &nbsp;&nbsp; (0.09) <br>| 9.04<br>| 8.95<br>|
| Year Ended 12/31/2022 | $51.65<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (15.77) <br>| &nbsp;&nbsp; (15.97) <br>|
| Year Ended 12/31/2021 | $44.37<br>| &nbsp;&nbsp; (0.33) <br>| 7.61<br>| 7.28<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $64.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 195%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $137957<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $56.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 174%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $138660<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $45.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 201%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $162697<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $36.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30.84%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $162078<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $52.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $215521<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $62.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 195%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60683<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $54.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 174%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54824<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $43.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 201%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44677<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $35.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31.01%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34453<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $50.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49778<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $63.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.98% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 195%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $274045<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $55.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 174%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $267749<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $44.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 201%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $244891<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $35.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30.92%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $214338<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $51.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $343782<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Select Mid Cap Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.82% to 0.65% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.82% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.05% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.945 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $895,961,668 and $941,054,431, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Payments by affiliates

During the year ended December 31, 2025, the Investment Manager reimbursed the Fund $53,225 for a loss on a trading error.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 1766667 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 96.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Mid Cap Growth Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Mid Cap Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Select Mid Cap Growth Fund \| 2025

------

**Columbia Variable Portfolio – Select Mid Cap Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img712cef6a2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7017_12_E01_(02/26)

------

![](g245812imgaa5bb9821.jpg)

Columbia Variable Portfolio – Select Large Cap Value Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_83172b95-d001-4b49-9ab7-948695420df7_POI-CommonContent-Date-260_1) | 3 |
| [Statement of Assets and Liabilities](#xx_83172b95-d001-4b49-9ab7-948695420df7_FS-CommonContent-Date-260_1) | 6 |
| [Statement of Operations](#xx_83172b95-d001-4b49-9ab7-948695420df7_FS-CommonContent-Date-260_2) | 7 |
| [Statement of Changes in Net Assets](#xx_83172b95-d001-4b49-9ab7-948695420df7_FS-CommonContent-Date-260_3) | 8 |
| [Financial Highlights](#xx_83172b95-d001-4b49-9ab7-948695420df7_FIHI-CommonContent-Date-260_2) | 10 |
| [Notes to Financial Statements](#xx_83172b95-d001-4b49-9ab7-948695420df7_NTF-CommonContent-Date-260_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_83172b95-d001-4b49-9ab7-948695420df7_AUD-CommonContent-Date-260_1) | 19 |

---

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 97.4%** | **Common Stocks 97.4%** | **Common Stocks 97.4%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 5.9%** | **Communication Services 5.9%** | **Communication Services 5.9%** |
| **Diversified Telecommunication Services 3.9%** | **Diversified Telecommunication Services 3.9%** | **Diversified Telecommunication Services 3.9%** |
| Verizon Communications, Inc. | &nbsp;&nbsp; 2266203 | &nbsp;&nbsp; 92302448 |
| **Interactive Media & Services 2.0%** | **Interactive Media & Services 2.0%** | **Interactive Media & Services 2.0%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 149678 | &nbsp;&nbsp; 46849214 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **139151662** |
| **Consumer Discretionary 3.0%** | **Consumer Discretionary 3.0%** | **Consumer Discretionary 3.0%** |
| **Specialty Retail 3.0%** | **Specialty Retail 3.0%** | **Specialty Retail 3.0%** |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 298018 | &nbsp;&nbsp; 71870021 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **71870021** |
| **Consumer Staples 5.9%** | **Consumer Staples 5.9%** | **Consumer Staples 5.9%** |
| **Beverages 3.0%** | **Beverages 3.0%** | **Beverages 3.0%** |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 516095 | &nbsp;&nbsp; 71200466 |
| **Tobacco 2.9%** | **Tobacco 2.9%** | **Tobacco 2.9%** |
| Philip Morris International, Inc. | &nbsp;&nbsp; 429163 | &nbsp;&nbsp; 68837745 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **140038211** |
| **Energy 9.5%** | **Energy 9.5%** | **Energy 9.5%** |
| **Energy Equipment & Services 2.8%** | **Energy Equipment & Services 2.8%** | **Energy Equipment & Services 2.8%** |
| TechnipFMC PLC | &nbsp;&nbsp; 1499755 | &nbsp;&nbsp; 66829083 |
| **Oil, Gas & Consumable Fuels 6.7%** | **Oil, Gas & Consumable Fuels 6.7%** | **Oil, Gas & Consumable Fuels 6.7%** |
| Chevron Corp. | &nbsp;&nbsp; 344204 | &nbsp;&nbsp; 52460132 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 227474 | &nbsp;&nbsp; 36994096 |
| Williams Companies, Inc. (The) | &nbsp;&nbsp; 1143228 | &nbsp;&nbsp; 68719435 |
| Total |  | &nbsp;&nbsp; 158173663 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **225002746** |
| **Financials 18.3%** | **Financials 18.3%** | **Financials 18.3%** |
| **Banks 10.9%** | **Banks 10.9%** | **Banks 10.9%** |
| Bank of America Corp. | &nbsp;&nbsp; 1184029 | &nbsp;&nbsp; 65121595 |
| Citigroup, Inc. | &nbsp;&nbsp; 587952 | &nbsp;&nbsp; 68608119 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 186027 | &nbsp;&nbsp; 59941620 |
| Wells Fargo & Co. | &nbsp;&nbsp; 715456 | &nbsp;&nbsp; 66680499 |
| Total |  | &nbsp;&nbsp; 260351833 |
| **Capital Markets 2.9%** | **Capital Markets 2.9%** | **Capital Markets 2.9%** |
| Morgan Stanley | &nbsp;&nbsp; 390812 | &nbsp;&nbsp; 69380854 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Insurance 4.5%** | **Insurance 4.5%** | **Insurance 4.5%** |
| American International Group, Inc. | &nbsp;&nbsp; 688191 | &nbsp;&nbsp; 58874740 |
| MetLife, Inc. | &nbsp;&nbsp; 597102 | &nbsp;&nbsp; 47135232 |
| Total |  | &nbsp;&nbsp; 106009972 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **435742659** |
| **Health Care 12.5%** | **Health Care 12.5%** | **Health Care 12.5%** |
| **Health Care Providers & Services 10.2%** | **Health Care Providers & Services 10.2%** | **Health Care Providers & Services 10.2%** |
| Centene Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1208031 | &nbsp;&nbsp; 49710475 |
| Cigna Group (The) | &nbsp;&nbsp; 242060 | &nbsp;&nbsp; 66622174 |
| CVS Health Corp. | &nbsp;&nbsp; 864352 | &nbsp;&nbsp; 68594975 |
| Tenet Healthcare Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 288417 | &nbsp;&nbsp; 57314226 |
| Total |  | &nbsp;&nbsp; 242241850 |
| **Pharmaceuticals 2.3%** | **Pharmaceuticals 2.3%** | **Pharmaceuticals 2.3%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1025906 | &nbsp;&nbsp; 55337370 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **297579220** |
| **Industrials 12.3%** | **Industrials 12.3%** | **Industrials 12.3%** |
| **Aerospace & Defense 6.1%** | **Aerospace & Defense 6.1%** | **Aerospace & Defense 6.1%** |
| Boeing Co. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 374787 | &nbsp;&nbsp; 81373753 |
| RTX Corp. | &nbsp;&nbsp; 352389 | &nbsp;&nbsp; 64628143 |
| Total |  | &nbsp;&nbsp; 146001896 |
| **Ground Transportation 2.0%** | **Ground Transportation 2.0%** | **Ground Transportation 2.0%** |
| CSX Corp. | &nbsp;&nbsp; 1285024 | &nbsp;&nbsp; 46582120 |
| **Machinery 1.8%** | **Machinery 1.8%** | **Machinery 1.8%** |
| Caterpillar, Inc. | &nbsp;&nbsp; 76547 | &nbsp;&nbsp; 43851480 |
| **Passenger Airlines 2.4%** | **Passenger Airlines 2.4%** | **Passenger Airlines 2.4%** |
| Southwest Airlines Co. | &nbsp;&nbsp; 1358641 | &nbsp;&nbsp; 56152633 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **292588129** |
| **Information Technology 14.3%** | **Information Technology 14.3%** | **Information Technology 14.3%** |
| **Electronic Equipment, Instruments & Components 2.5%** | **Electronic Equipment, Instruments & Components 2.5%** | **Electronic Equipment, Instruments & Components 2.5%** |
| Corning, Inc. | &nbsp;&nbsp; 679078 | &nbsp;&nbsp; 59460070 |
| **IT Services 2.9%** | **IT Services 2.9%** | **IT Services 2.9%** |
| EPAM Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 337268 | &nbsp;&nbsp; 69099468 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor Equipment 4.9%** | **Semiconductors & Semiconductor Equipment 4.9%** | **Semiconductors & Semiconductor Equipment 4.9%** |
| Applied Materials, Inc. | &nbsp;&nbsp; 227707 | &nbsp;&nbsp; 58518422 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 332531 | &nbsp;&nbsp; 56879427 |
| Total |  | &nbsp;&nbsp; 115397849 |
| **Software 4.0%** | **Software 4.0%** | **Software 4.0%** |
| Salesforce, Inc. | &nbsp;&nbsp; 301124 | &nbsp;&nbsp; 79770759 |
| Teradata Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 518945 | &nbsp;&nbsp; 15796686 |
| Total |  | &nbsp;&nbsp; 95567445 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **339524832** |
| **Materials 6.3%** | **Materials 6.3%** | **Materials 6.3%** |
| **Metals & Mining 6.3%** | **Metals & Mining 6.3%** | **Metals & Mining 6.3%** |
| Barrick Mining Corp. | &nbsp;&nbsp; 1363718 | &nbsp;&nbsp; 59389919 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 1781748 | &nbsp;&nbsp; 90494981 |
| Total |  | &nbsp;&nbsp; 149884900 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **149884900** |
| **Real Estate 3.4%** | **Real Estate 3.4%** | **Real Estate 3.4%** |
| **Specialized REITs 3.4%** | **Specialized REITs 3.4%** | **Specialized REITs 3.4%** |
| American Tower Corp. | &nbsp;&nbsp; 456530 | &nbsp;&nbsp; 80152972 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **80152972** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Utilities 6.0%** | **Utilities 6.0%** | **Utilities 6.0%** |
| **Electric Utilities 2.8%** | **Electric Utilities 2.8%** | **Electric Utilities 2.8%** |
| PG&E Corp. | &nbsp;&nbsp; 4166052 | &nbsp;&nbsp; 66948456 |
| **Independent Power and Renewable Electricity Producers 3.2%** | **Independent Power and Renewable Electricity Producers 3.2%** | **Independent Power and Renewable Electricity Producers 3.2%** |
| AES Corp. (The) | &nbsp;&nbsp; 5249947 | &nbsp;&nbsp; 75284240 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **142232696** |
| Total Common Stocks <br>(Cost $1,736,241,746) | Total Common Stocks <br>(Cost $1,736,241,746) | &nbsp;&nbsp; **2313768048** |
| **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 62974901 | &nbsp;&nbsp; 62956008 |
| Total Money Market Funds <br>(Cost $62,956,906) | Total Money Market Funds <br>(Cost $62,956,906) | &nbsp;&nbsp; **62956008** |
| **Total Investments in Securities** <br>**(Cost: $1,799,198,652)** | **Total Investments in Securities** <br>**(Cost: $1,799,198,652)** | &nbsp;&nbsp; **2376724056** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(571358)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2376152698** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 51674327 | &nbsp;&nbsp; 828475262 | &nbsp;&nbsp; (817192683)<br>| &nbsp;&nbsp; (898)<br>| &nbsp;&nbsp; 62956008 | &nbsp;&nbsp; (7591)<br>| &nbsp;&nbsp; 1765205 | &nbsp;&nbsp; 62974901 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 139151662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139151662 |
| Consumer Discretionary | 71870021 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71870021 |
| Consumer Staples | 140038211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140038211 |
| Energy | 225002746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 225002746 |
| Financials | 435742659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 435742659 |
| Health Care | 297579220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297579220 |
| Industrials | 292588129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 292588129 |
| Information Technology | 339524832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 339524832 |
| Materials | 149884900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149884900 |
| Real Estate | 80152972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80152972 |
| Utilities | 142232696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142232696 |
| Total Common Stocks | 2313768048 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2313768048 |
| Money Market Funds | 62956008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62956008 |
| Total Investments in Securities | 2376724056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2376724056 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,736,241,746) | $2313768048 |
| Affiliated issuers (cost $62,956,906) | 62956008 |
| Receivable for: |  |
| Capital shares sold | 1166 |
| Dividends | 2171414 |
| Foreign tax reclaims | 24169 |
| Prepaid expenses | 8474 |
| Total assets | 2378929279 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 2492286 |
| Management services fees | 43890 |
| Distribution and/or service fees | 1154 |
| Service fees | 31887 |
| Compensation of chief compliance officer | 364 |
| Compensation of board members | 1406 |
| Other expenses | 32068 |
| Deferred compensation of board members | 173526 |
| Total liabilities | 2776581 |
| **Net assets applicable to outstanding capital stock** | **$2376152698** |
| **Represented by** |  |
| Trust capital | $2376152698 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2376152698** |
| **Class 1** |  |
| Net assets | $2163551367 |
| Shares outstanding | 38604166 |
| Net asset value per share | $56.04 |
| **Class 2** |  |
| Net assets | $121946082 |
| Shares outstanding | 2260913 |
| Net asset value per share | $53.94 |
| **Class 3** |  |
| Net assets | $90655249 |
| Shares outstanding | 1650288 |
| Net asset value per share | $54.93 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $50538101 |
| Dividends — affiliated issuers | 1765205 |
| Interfund lending | 3448 |
| Foreign taxes withheld | (230701)<br>|
| Total income | 52076053 |
| Expenses: |  |
| Management services fees | 15094205 |
| Distribution and/or service fees |  |
| Class 2 | 265501 |
| Class 3 | 99979 |
| Service fees | 195262 |
| Custodian fees | 15913 |
| Printing and postage fees | 13170 |
| Accounting services fees | 32423 |
| Legal fees | 54336 |
| Compensation of chief compliance officer | 392 |
| Compensation of board members | 34775 |
| Deferred compensation of board members | 28727 |
| Other | 34696 |
| Total expenses | 15869379 |
| **Net investment income** | 36206674 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 336776376 |
| Investments — affiliated issuers | (7591)<br>|
| Net realized gain | 336768785 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 183496727 |
| Investments — affiliated issuers | (898)<br>|
| Net change in unrealized appreciation (depreciation) | 183495829 |
| Net realized and unrealized gain | 520264614 |
| **Net increase in net assets resulting from operations** | **$556471288** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $36206674 | &nbsp;&nbsp; $38495238 |
| Net realized gain | 336768785 | &nbsp;&nbsp; 142461913 |
| Net change in unrealized appreciation (depreciation) | 183495829 | &nbsp;&nbsp; 57512567 |
| Net increase in net assets resulting from operations | 556471288 | &nbsp;&nbsp; 238469718 |
| Increase (decrease) in net assets from capital stock activity | (564391259)<br>| &nbsp;&nbsp; 117526534 |
| Total increase (decrease) in net assets | (7919971)<br>| &nbsp;&nbsp; 355996252 |
| Net assets at beginning of year | 2384072669 | &nbsp;&nbsp; 2028076417 |
| **Net assets at end of year** | **$2376152698** | &nbsp;&nbsp; **$2384072669** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 1936015 | &nbsp;&nbsp;&nbsp;&nbsp; 106070301 | &nbsp;&nbsp;&nbsp;&nbsp; 8488806 | &nbsp;&nbsp;&nbsp;&nbsp; 387331355 |
| Shares redeemed | (13806773)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (657102413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5868327)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (251332615)<br>|
| Net increase (decrease) | (11870758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (551032112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2620479 | &nbsp;&nbsp;&nbsp;&nbsp; 135998740 |
| Class 2 |  |  |  |  |
| Shares sold | 227489 | &nbsp;&nbsp;&nbsp;&nbsp; 10620939 | &nbsp;&nbsp;&nbsp;&nbsp; 255753 | &nbsp;&nbsp;&nbsp;&nbsp; 10410234 |
| Shares redeemed | (380933)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17422714)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (402719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16360045)<br>|
| Net decrease | (153444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6801775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146966)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5949811)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 81071 | &nbsp;&nbsp;&nbsp;&nbsp; 4003899 | &nbsp;&nbsp;&nbsp;&nbsp; 44773 | &nbsp;&nbsp;&nbsp;&nbsp; 1858627 |
| Shares redeemed | (225927)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10561271)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (350502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14381022)<br>|
| Net decrease | (144856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6557372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (305729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12522395)<br>|
| **Total net increase (decrease)** | **(12169058)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(564391259)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2167784** | &nbsp;&nbsp;&nbsp;&nbsp; **117526534** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $43.69<br>| 0.78<br>| 11.57<br>| 12.35<br>|
| Year Ended 12/31/2024 | $38.71<br>| 0.78<br>| 4.20<br>| 4.98<br>|
| Year Ended 12/31/2023 | $36.73<br>| 0.69<br>| 1.29<br>| 1.98<br>|
| Year Ended 12/31/2022 | $37.42<br>| 0.58<br>| &nbsp;&nbsp; (1.27) <br>| &nbsp;&nbsp; (0.69) <br>|
| Year Ended 12/31/2021 | $29.63<br>| 0.74<br>| 7.05<br>| 7.79<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $42.15<br>| 0.63<br>| 11.16<br>| 11.79<br>|
| Year Ended 12/31/2024 | $37.44<br>| 0.65<br>| 4.06<br>| 4.71<br>|
| Year Ended 12/31/2023 | $35.62<br>| 0.58<br>| 1.24<br>| 1.82<br>|
| Year Ended 12/31/2022 | $36.37<br>| 0.47<br>| &nbsp;&nbsp; (1.22) <br>| &nbsp;&nbsp; (0.75) <br>|
| Year Ended 12/31/2021 | $28.87<br>| 0.66<br>| 6.84<br>| 7.50<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $42.88<br>| 0.70<br>| 11.35<br>| 12.05<br>|
| Year Ended 12/31/2024 | $38.03<br>| 0.72<br>| 4.13<br>| 4.85<br>|
| Year Ended 12/31/2023 | $36.14<br>| 0.63<br>| 1.26<br>| 1.89<br>|
| Year Ended 12/31/2022 | $36.86<br>| 0.52<br>| &nbsp;&nbsp; (1.24) <br>| &nbsp;&nbsp; (0.72) <br>|
| Year Ended 12/31/2021 | $29.22<br>| 0.71<br>| 6.93<br>| 7.64<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $56.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2163551<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $43.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2205327<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $38.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1852284<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $36.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.84%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1866511<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $37.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2461727<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $53.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $121946<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $42.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $101773<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $37.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $95889<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $35.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $87697<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70689<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $54.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $90655<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $42.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $76973<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $38.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $79903<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $36.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.95%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88772<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $82833<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Select Large Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.67% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.845 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $682,363,204 and $1,219,111,077, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 4900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 97.7% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Large Cap Value Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Large Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Select Large Cap Value Fund \| 2025

------

**Columbia Variable Portfolio – Select Large Cap Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imga2889e1a2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7020_12_E01_(02/26)

------

![](g245812img9d2126a61.jpg)

Columbia Variable Portfolio – Select Mid Cap Value Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_1a72df9c-66f3-40b6-ac08-629a90b2717d_POI-CommonContent-Date-257_1) | 3 |
| [Statement of Assets and Liabilities](#xx_1a72df9c-66f3-40b6-ac08-629a90b2717d_FS-CommonContent-Date-257_1) | 7 |
| [Statement of Operations](#xx_1a72df9c-66f3-40b6-ac08-629a90b2717d_FS-CommonContent-Date-257_2) | 8 |
| [Statement of Changes in Net Assets](#xx_1a72df9c-66f3-40b6-ac08-629a90b2717d_FS-CommonContent-Date-257_3) | 9 |
| [Financial Highlights](#xx_1a72df9c-66f3-40b6-ac08-629a90b2717d_FIHI-CommonContent-Date-257_1) | 10 |
| [Notes to Financial Statements](#xx_1a72df9c-66f3-40b6-ac08-629a90b2717d_NTF-CommonContent-Date-257_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_1a72df9c-66f3-40b6-ac08-629a90b2717d_AUD-CommonContent-Date-257_1) | 19 |

---

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.3%** | **Common Stocks 99.3%** | **Common Stocks 99.3%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 4.2%** | **Communication Services 4.2%** | **Communication Services 4.2%** |
| **Entertainment 2.2%** | **Entertainment 2.2%** | **Entertainment 2.2%** |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 21532 | &nbsp;&nbsp; 5512838 |
| **Media 2.0%** | **Media 2.0%** | **Media 2.0%** |
| Nexstar Media Group, Inc., Class A | &nbsp;&nbsp; 24923 | &nbsp;&nbsp; 5060615 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **10573453** |
| **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** | **Consumer Discretionary 10.4%** |
| **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp; 31775 | &nbsp;&nbsp; 5094168 |
| **Household Durables 2.2%** | **Household Durables 2.2%** | **Household Durables 2.2%** |
| D.R. Horton, Inc. | &nbsp;&nbsp; 39245 | &nbsp;&nbsp; 5652457 |
| **Leisure Products 2.5%** | **Leisure Products 2.5%** | **Leisure Products 2.5%** |
| Hasbro, Inc. | &nbsp;&nbsp; 75154 | &nbsp;&nbsp; 6162628 |
| **Specialty Retail 3.7%** | **Specialty Retail 3.7%** | **Specialty Retail 3.7%** |
| Burlington Stores, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15131 | &nbsp;&nbsp; 4370589 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 53460 | &nbsp;&nbsp; 4876087 |
| Total |  | &nbsp;&nbsp; 9246676 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **26155929** |
| **Consumer Staples 5.2%** | **Consumer Staples 5.2%** | **Consumer Staples 5.2%** |
| **Consumer Staples Distribution & Retail 3.6%** | **Consumer Staples Distribution & Retail 3.6%** | **Consumer Staples Distribution & Retail 3.6%** |
| Dollar Tree, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33718 | &nbsp;&nbsp; 4147651 |
| U.S. Foods Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 64928 | &nbsp;&nbsp; 4890377 |
| Total |  | &nbsp;&nbsp; 9038028 |
| **Food Products 1.6%** | **Food Products 1.6%** | **Food Products 1.6%** |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp; 68273 | &nbsp;&nbsp; 4002163 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **13040191** |
| **Energy 5.1%** | **Energy 5.1%** | **Energy 5.1%** |
| **Oil, Gas & Consumable Fuels 5.1%** | **Oil, Gas & Consumable Fuels 5.1%** | **Oil, Gas & Consumable Fuels 5.1%** |
| Devon Energy Corp. | &nbsp;&nbsp; 165868 | &nbsp;&nbsp; 6075745 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 41829 | &nbsp;&nbsp; 6802650 |
| Total |  | &nbsp;&nbsp; 12878395 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **12878395** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Financials 18.3%** | **Financials 18.3%** | **Financials 18.3%** |
| **Banks 5.1%** | **Banks 5.1%** | **Banks 5.1%** |
| Popular, Inc. | &nbsp;&nbsp; 56727 | &nbsp;&nbsp; 7063646 |
| Regions Financial Corp. | &nbsp;&nbsp; 212767 | &nbsp;&nbsp; 5765986 |
| Total |  | &nbsp;&nbsp; 12829632 |
| **Capital Markets 2.3%** | **Capital Markets 2.3%** | **Capital Markets 2.3%** |
| Carlyle Group, Inc. (The) | &nbsp;&nbsp; 99079 | &nbsp;&nbsp; 5856560 |
| **Consumer Finance 2.5%** | **Consumer Finance 2.5%** | **Consumer Finance 2.5%** |
| Capital One Financial Corp. | &nbsp;&nbsp; 25939 | &nbsp;&nbsp; 6286576 |
| **Financial Services 3.5%** | **Financial Services 3.5%** | **Financial Services 3.5%** |
| Global Payments, Inc. | &nbsp;&nbsp; 48883 | &nbsp;&nbsp; 3783544 |
| Voya Financial, Inc. | &nbsp;&nbsp; 69001 | &nbsp;&nbsp; 5139884 |
| Total |  | &nbsp;&nbsp; 8923428 |
| **Insurance 4.9%** | **Insurance 4.9%** | **Insurance 4.9%** |
| Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp; 30565 | &nbsp;&nbsp; 5586365 |
| Kemper Corp. | &nbsp;&nbsp; 60435 | &nbsp;&nbsp; 2450035 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp; 20757 | &nbsp;&nbsp; 4223219 |
| Total |  | &nbsp;&nbsp; 12259619 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **46155815** |
| **Health Care 7.3%** | **Health Care 7.3%** | **Health Care 7.3%** |
| **Health Care Equipment & Supplies 1.5%** | **Health Care Equipment & Supplies 1.5%** | **Health Care Equipment & Supplies 1.5%** |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 43703 | &nbsp;&nbsp; 3929774 |
| **Health Care Providers & Services 4.1%** | **Health Care Providers & Services 4.1%** | **Health Care Providers & Services 4.1%** |
| Centene Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 58940 | &nbsp;&nbsp; 2425381 |
| Humana, Inc. | &nbsp;&nbsp; 8216 | &nbsp;&nbsp; 2104364 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 33418 | &nbsp;&nbsp; 5799026 |
| Total |  | &nbsp;&nbsp; 10328771 |
| **Life Sciences Tools & Services 1.7%** | **Life Sciences Tools & Services 1.7%** | **Life Sciences Tools & Services 1.7%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 30850 | &nbsp;&nbsp; 4197759 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **18456304** |
| **Industrials 17.2%** | **Industrials 17.2%** | **Industrials 17.2%** |
| **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** |
| ATI, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 48992 | &nbsp;&nbsp; 5622322 |
| **Building Products 2.0%** | **Building Products 2.0%** | **Building Products 2.0%** |
| Trane Technologies PLC | &nbsp;&nbsp; 12632 | &nbsp;&nbsp; 4916374 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Electrical Equipment 2.9%** | **Electrical Equipment 2.9%** | **Electrical Equipment 2.9%** |
| AMETEK, Inc. | &nbsp;&nbsp; 35855 | &nbsp;&nbsp; 7361390 |
| **Machinery 5.2%** | **Machinery 5.2%** | **Machinery 5.2%** |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 72210 | &nbsp;&nbsp; 5720476 |
| ITT, Inc. | &nbsp;&nbsp; 42368 | &nbsp;&nbsp; 7351272 |
| Total |  | &nbsp;&nbsp; 13071748 |
| **Passenger Airlines 2.6%** | **Passenger Airlines 2.6%** | **Passenger Airlines 2.6%** |
| Southwest Airlines Co. | &nbsp;&nbsp; 157601 | &nbsp;&nbsp; 6513649 |
| **Professional Services 2.3%** | **Professional Services 2.3%** | **Professional Services 2.3%** |
| CACI International, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 10661 | &nbsp;&nbsp; 5680288 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **43165771** |
| **Information Technology 10.4%** | **Information Technology 10.4%** | **Information Technology 10.4%** |
| **Communications Equipment 1.6%** | **Communications Equipment 1.6%** | **Communications Equipment 1.6%** |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 10372 | &nbsp;&nbsp; 3975795 |
| **Electronic Equipment, Instruments & Components 3.0%** | **Electronic Equipment, Instruments & Components 3.0%** | **Electronic Equipment, Instruments & Components 3.0%** |
| Corning, Inc. | &nbsp;&nbsp; 86949 | &nbsp;&nbsp; 7613254 |
| **Semiconductors & Semiconductor Equipment 5.8%** | **Semiconductors & Semiconductor Equipment 5.8%** | **Semiconductors & Semiconductor Equipment 5.8%** |
| Marvell Technology, Inc. | &nbsp;&nbsp; 43286 | &nbsp;&nbsp; 3678444 |
| ON Semiconductor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 87413 | &nbsp;&nbsp; 4733414 |
| Teradyne, Inc. | &nbsp;&nbsp; 31942 | &nbsp;&nbsp; 6182694 |
| Total |  | &nbsp;&nbsp; 14594552 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **26183601** |
| **Materials 4.8%** | **Materials 4.8%** | **Materials 4.8%** |
| **Chemicals 1.1%** | **Chemicals 1.1%** | **Chemicals 1.1%** |
| Chemours Co. LLC (The) | &nbsp;&nbsp; 228171 | &nbsp;&nbsp; 2690136 |
| **Containers & Packaging 2.0%** | **Containers & Packaging 2.0%** | **Containers & Packaging 2.0%** |
| Smurfit WestRock PLC | &nbsp;&nbsp; 128235 | &nbsp;&nbsp; 4958848 |
| **Metals & Mining 1.7%** | **Metals & Mining 1.7%** | **Metals & Mining 1.7%** |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 87557 | &nbsp;&nbsp; 4447020 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **12096004** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 8.8%** | **Real Estate 8.8%** | **Real Estate 8.8%** |
| **Health Care REITs 2.9%** | **Health Care REITs 2.9%** | **Health Care REITs 2.9%** |
| Welltower, Inc. | &nbsp;&nbsp; 39754 | &nbsp;&nbsp; 7378740 |
| **Industrial REITs 2.4%** | **Industrial REITs 2.4%** | **Industrial REITs 2.4%** |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 102658 | &nbsp;&nbsp; 5879224 |
| **Specialized REITs 3.5%** | **Specialized REITs 3.5%** | **Specialized REITs 3.5%** |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 103311 | &nbsp;&nbsp; 4616969 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp; 33480 | &nbsp;&nbsp; 4237898 |
| Total |  | &nbsp;&nbsp; 8854867 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **22112831** |
| **Utilities 7.6%** | **Utilities 7.6%** | **Utilities 7.6%** |
| **Electric Utilities 4.9%** | **Electric Utilities 4.9%** | **Electric Utilities 4.9%** |
| Entergy Corp. | &nbsp;&nbsp; 87840 | &nbsp;&nbsp; 8119051 |
| PG&E Corp. | &nbsp;&nbsp; 264968 | &nbsp;&nbsp; 4258036 |
| Total |  | &nbsp;&nbsp; 12377087 |
| **Multi-Utilities 2.7%** | **Multi-Utilities 2.7%** | **Multi-Utilities 2.7%** |
| Ameren Corp. | &nbsp;&nbsp; 66760 | &nbsp;&nbsp; 6666654 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **19043741** |
| Total Common Stocks <br>(Cost $169,045,829) | Total Common Stocks <br>(Cost $169,045,829) | &nbsp;&nbsp; **249862035** |
| **Money Market Funds 0.8%** | **Money Market Funds 0.8%** | **Money Market Funds 0.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 1984239 | &nbsp;&nbsp; 1983644 |
| Total Money Market Funds <br>(Cost $1,983,645) | Total Money Market Funds <br>(Cost $1,983,645) | &nbsp;&nbsp; **1983644** |
| **Total Investments in Securities** <br>**(Cost: $171,029,474)** | **Total Investments in Securities** <br>**(Cost: $171,029,474)** | &nbsp;&nbsp; **251845679** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(196235)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **251649444** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 4225866 | &nbsp;&nbsp; 23893016 | &nbsp;&nbsp; (26135277)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 1983644 | &nbsp;&nbsp; (396)<br>| &nbsp;&nbsp; 159704 | &nbsp;&nbsp; 1984239 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 10573453 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10573453 |
| Consumer Discretionary | 26155929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26155929 |
| Consumer Staples | 13040191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13040191 |
| Energy | 12878395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12878395 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Financials | 46155815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46155815 |
| Health Care | 18456304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18456304 |
| Industrials | 43165771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43165771 |
| Information Technology | 26183601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26183601 |
| Materials | 12096004 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12096004 |
| Real Estate | 22112831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22112831 |
| Utilities | 19043741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19043741 |
| Total Common Stocks | 249862035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249862035 |
| Money Market Funds | 1983644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1983644 |
| Total Investments in Securities | 251845679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251845679 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $169,045,829) | $249862035 |
| Affiliated issuers (cost $1,983,645) | 1983644 |
| Receivable for: |  |
| Capital shares sold | 3693 |
| Dividends | 218515 |
| Expense reimbursement due from Investment Manager | 558 |
| Prepaid expenses | 3322 |
| Total assets | 252071767 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 263270 |
| Management services fees | 5712 |
| Distribution and/or service fees | 611 |
| Service fees | 12086 |
| Compensation of chief compliance officer | 40 |
| Compensation of board members | 544 |
| Other expenses | 24267 |
| Deferred compensation of board members | 115793 |
| Total liabilities | 422323 |
| **Net assets applicable to outstanding capital stock** | **$251649444** |
| **Represented by** |  |
| Trust capital | $251649444 |
| **Total - representing net assets applicable to outstanding capital stock** | **$251649444** |
| **Class 1** |  |
| Net assets | $131895950 |
| Shares outstanding | 2786258 |
| Net asset value per share | $47.34 |
| **Class 2** |  |
| Net assets | $56830595 |
| Shares outstanding | 1245248 |
| Net asset value per share | $45.64 |
| **Class 3** |  |
| Net assets | $62922899 |
| Shares outstanding | 1354023 |
| Net asset value per share | $46.47 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $4289039 |
| Dividends — affiliated issuers | 159704 |
| Foreign taxes withheld | (26695)<br>|
| Total income | 4422048 |
| Expenses: |  |
| Management services fees | 1995991 |
| Distribution and/or service fees |  |
| Class 2 | 133076 |
| Class 3 | 75553 |
| Service fees | 98702 |
| Custodian fees | 6880 |
| Printing and postage fees | 14250 |
| Accounting services fees | 32423 |
| Legal fees | 21437 |
| Compensation of chief compliance officer | 39 |
| Compensation of board members | 13579 |
| Deferred compensation of board members | 17879 |
| Other | 9479 |
| Total expenses | 2419288 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (214346)<br>|
| Total net expenses | 2204942 |
| **Net investment income** | 2217106 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 13284530 |
| Investments — affiliated issuers | (396)<br>|
| Net realized gain | 13284134 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 17056145 |
| Investments — affiliated issuers | 39 |
| Net change in unrealized appreciation (depreciation) | 17056184 |
| Net realized and unrealized gain | 30340318 |
| **Net increase in net assets resulting from operations** | **$32557424** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $2217106 | &nbsp;&nbsp; $2392033 |
| Net realized gain | 13284134 | &nbsp;&nbsp; 30011857 |
| Net change in unrealized appreciation (depreciation) | 17056184 | &nbsp;&nbsp; (1723356)<br>|
| Net increase in net assets resulting from operations | 32557424 | &nbsp;&nbsp; 30680534 |
| Decrease in net assets from capital stock activity | (27881814)<br>| &nbsp;&nbsp; (54579975)<br>|
| Total increase (decrease) in net assets | 4675610 | &nbsp;&nbsp; (23899441)<br>|
| Net assets at beginning of year | 246973834 | &nbsp;&nbsp; 270873275 |
| **Net assets at end of year** | **$251649444** | &nbsp;&nbsp; **$246973834** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 68226 | &nbsp;&nbsp;&nbsp;&nbsp; 2961446 | &nbsp;&nbsp;&nbsp;&nbsp; 65668 | &nbsp;&nbsp;&nbsp;&nbsp; 2639507 |
| Shares redeemed | (399658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17828690)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1193864)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46767195)<br>|
| Net decrease | (331432)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14867244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1128196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44127688)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 100580 | &nbsp;&nbsp;&nbsp;&nbsp; 4205171 | &nbsp;&nbsp;&nbsp;&nbsp; 121879 | &nbsp;&nbsp;&nbsp;&nbsp; 4757054 |
| Shares redeemed | (254845)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10561233)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6670695)<br>|
| Net decrease | (154265)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6356062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49233)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1913641)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 27548 | &nbsp;&nbsp;&nbsp;&nbsp; 1219463 | &nbsp;&nbsp;&nbsp;&nbsp; 8915 | &nbsp;&nbsp;&nbsp;&nbsp; 361318 |
| Shares redeemed | (185248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7877971)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (226712)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8899964)<br>|
| Net decrease | (157700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6658508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (217797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8538646)<br>|
| **Total net decrease** | **(643397)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(27881814)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1395226)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(54579975)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $41.46<br>| 0.43<br>| 5.45<br>| 5.88<br>|
| Year Ended 12/31/2024 | $36.84<br>| 0.40<br>| 4.22<br>| 4.62<br>|
| Year Ended 12/31/2023 | $33.40<br>| 0.39<br>| 3.05<br>| 3.44<br>|
| Year Ended 12/31/2022 | $36.88<br>| 0.30<br>| &nbsp;&nbsp; (3.78) <br>| &nbsp;&nbsp; (3.48) <br>|
| Year Ended 12/31/2021 | $27.87<br>| 0.22<br>| 8.79<br>| 9.01<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $40.08<br>| 0.31<br>| 5.25<br>| 5.56<br>|
| Year Ended 12/31/2024 | $35.70<br>| 0.30<br>| 4.08<br>| 4.38<br>|
| Year Ended 12/31/2023 | $32.44<br>| 0.29<br>| 2.97<br>| 3.26<br>|
| Year Ended 12/31/2022 | $35.91<br>| 0.22<br>| &nbsp;&nbsp; (3.69) <br>| &nbsp;&nbsp; (3.47) <br>|
| Year Ended 12/31/2021 | $27.21<br>| 0.14<br>| 8.56<br>| 8.70<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $40.76<br>| 0.37<br>| 5.34<br>| 5.71<br>|
| Year Ended 12/31/2024 | $36.26<br>| 0.35<br>| 4.15<br>| 4.50<br>|
| Year Ended 12/31/2023 | $32.91<br>| 0.34<br>| 3.01<br>| 3.35<br>|
| Year Ended 12/31/2022 | $36.39<br>| 0.26<br>| &nbsp;&nbsp; (3.74) <br>| &nbsp;&nbsp; (3.48) <br>|
| Year Ended 12/31/2021 | $27.54<br>| 0.18<br>| 8.67<br>| 8.85<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $47.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $131896<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $41.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $129275<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $36.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $156439<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $33.40<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.44%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $166488<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $222591<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $45.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56831<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $40.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56087<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $35.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51720<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $32.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.66%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48561<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $35.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49498<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $46.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62923<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $40.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61612<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $36.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62714<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $32.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.56%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65155<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73390<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Select Mid Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.82% to 0.65% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.82% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.04% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.945 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $25,734,524 and $48,752,703, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 93.9% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Mid Cap Value Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Mid Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Select Mid Cap Value Fund \| 2025

------

**Columbia Variable Portfolio – Select Mid Cap Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img776adf222.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7021_12_E01_(02/26)

------

![](g245812img0a84a2751.jpg)

Columbia Variable Portfolio – Seligman Global Technology Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_2e4b4614-cdbe-411a-9938-905ae7f2eabf_POI-CommonContent-Date-262_1) | 3 |
| [Statement of Assets and Liabilities](#xx_2e4b4614-cdbe-411a-9938-905ae7f2eabf_FS-CommonContent-Date-262_1) | 7 |
| [Statement of Operations](#xx_2e4b4614-cdbe-411a-9938-905ae7f2eabf_FS-CommonContent-Date-262_2) | 8 |
| [Statement of Changes in Net Assets](#xx_2e4b4614-cdbe-411a-9938-905ae7f2eabf_FS-CommonContent-Date-262_3) | 9 |
| [Financial Highlights](#xx_2e4b4614-cdbe-411a-9938-905ae7f2eabf_FIHI-CommonContent-Date-262_1) | 10 |
| [Notes to Financial Statements](#xx_2e4b4614-cdbe-411a-9938-905ae7f2eabf_NTF-CommonContent-Date-262_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_2e4b4614-cdbe-411a-9938-905ae7f2eabf_AUD-CommonContent-Date-262_1) | 23 |
| [Federal Income Tax Information](#xx_2e4b4614-cdbe-411a-9938-905ae7f2eabf_CCH-CommonContent-Date-262_1) | 24 |

---

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.0%** | **Common Stocks 99.0%** | **Common Stocks 99.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Cayman Islands 0.6%** | **Cayman Islands 0.6%** | **Cayman Islands 0.6%** |
| Grab Holdings Ltd., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 145377 | &nbsp;&nbsp; 725431 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 168700 | &nbsp;&nbsp; 1319834 |
| **Total** | **Total** | &nbsp;&nbsp; **2045265** |
| **Germany 0.3%** | **Germany 0.3%** | **Germany 0.3%** |
| TeamViewer SE<sup>(a)</sup> <br>| &nbsp;&nbsp; 116066 | &nbsp;&nbsp; 817167 |
| **Israel 2.1%** | **Israel 2.1%** | **Israel 2.1%** |
| Check Point Software Technologies Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 2894736 |
| CyberArk Software Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2861 | &nbsp;&nbsp; 1276178 |
| Wix.com Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26764 | &nbsp;&nbsp; 2780512 |
| **Total** | **Total** | &nbsp;&nbsp; **6951426** |
| **Japan 1.1%** | **Japan 1.1%** | **Japan 1.1%** |
| Renesas Electronics Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 266400 | &nbsp;&nbsp; 3648841 |
| **Netherlands 1.4%** | **Netherlands 1.4%** | **Netherlands 1.4%** |
| NXP Semiconductors NV | &nbsp;&nbsp; 20798 | &nbsp;&nbsp; 4514414 |
| **Singapore 0.4%** | **Singapore 0.4%** | **Singapore 0.4%** |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp; 24675 | &nbsp;&nbsp; 1124193 |
| **South Korea 0.1%** | **South Korea 0.1%** | **South Korea 0.1%** |
| DoubleDown Interactive Co., Ltd., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 35479 | &nbsp;&nbsp; 306184 |
| **Taiwan 1.0%** | **Taiwan 1.0%** | **Taiwan 1.0%** |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp; 10781 | &nbsp;&nbsp; 3276238 |
| **United States 92.0%** | **United States 92.0%** | **United States 92.0%** |
| Adeia, Inc. | &nbsp;&nbsp; 147323 | &nbsp;&nbsp; 2541322 |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp; 15121 | &nbsp;&nbsp; 3165884 |
| Airbnb, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 14458 | &nbsp;&nbsp; 1962240 |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 50800 | &nbsp;&nbsp; 15900400 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 19978 | &nbsp;&nbsp; 6269096 |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16278 | &nbsp;&nbsp; 3757288 |
| Apple, Inc. | &nbsp;&nbsp; 42633 | &nbsp;&nbsp; 11590207 |
| Applied Materials, Inc. | &nbsp;&nbsp; 41523 | &nbsp;&nbsp; 10670996 |
| Arista Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 39817 | &nbsp;&nbsp; 5217222 |
| Atlassian Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 10584 | &nbsp;&nbsp; 1716090 |
| BILL Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33292 | &nbsp;&nbsp; 1815746 |
| Block, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 35204 | &nbsp;&nbsp; 2291428 |
| Bloom Energy Corp., Class A<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 289816 | &nbsp;&nbsp; 25182112 |
| Broadcom, Inc. | &nbsp;&nbsp; 45932 | &nbsp;&nbsp; 15897065 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 66672 | &nbsp;&nbsp; 5135744 |
| Coherent Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2218 | &nbsp;&nbsp; 409376 |
| Coursera, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 94416 | &nbsp;&nbsp; 694902 |
| DocuSign, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 30528 | &nbsp;&nbsp; 2088115 |
| Dropbox, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 71293 | &nbsp;&nbsp; 1981945 |
| eBay, Inc. | &nbsp;&nbsp; 28081 | &nbsp;&nbsp; 2445855 |
| Fiverr International Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47942 | &nbsp;&nbsp; 947334 |
| Gen Digital, Inc. | &nbsp;&nbsp; 202987 | &nbsp;&nbsp; 5519217 |
| Global Payments, Inc. | &nbsp;&nbsp; 64738 | &nbsp;&nbsp; 5010721 |
| GoDaddy, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 28478 | &nbsp;&nbsp; 3533550 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 204509 | &nbsp;&nbsp; 4912306 |
| Intuit, Inc. | &nbsp;&nbsp; 2311 | &nbsp;&nbsp; 1530853 |
| Lam Research Corp. | &nbsp;&nbsp; 136131 | &nbsp;&nbsp; 23302905 |
| Lyft, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 204651 | &nbsp;&nbsp; 3964090 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 124637 | &nbsp;&nbsp; 10591652 |
| Match Group, Inc. | &nbsp;&nbsp; 121942 | &nbsp;&nbsp; 3937507 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 6999 | &nbsp;&nbsp; 4619970 |
| Microsoft Corp. | &nbsp;&nbsp; 29114 | &nbsp;&nbsp; 14080113 |
| Navan, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 26468 | &nbsp;&nbsp; 452073 |
| NetApp, Inc. | &nbsp;&nbsp; 52986 | &nbsp;&nbsp; 5674271 |
| NIQ Global Intelligence PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 49952 | &nbsp;&nbsp; 823708 |
| NVIDIA Corp. | &nbsp;&nbsp; 102693 | &nbsp;&nbsp; 19152245 |
| ON Semiconductor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 51875 | &nbsp;&nbsp; 2809031 |
| Oracle Corp. | &nbsp;&nbsp; 29223 | &nbsp;&nbsp; 5695855 |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11255 | &nbsp;&nbsp; 2073171 |
| Pinterest, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 138157 | &nbsp;&nbsp; 3576885 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 18997 | &nbsp;&nbsp; 3249437 |
| RingCentral, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 72068 | &nbsp;&nbsp; 2081324 |
| SailPoint, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35325 | &nbsp;&nbsp; 714625 |
| Salesforce, Inc. | &nbsp;&nbsp; 22420 | &nbsp;&nbsp; 5939282 |
| Semtech Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 58270 | &nbsp;&nbsp; 4293916 |
| Synaptics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 67824 | &nbsp;&nbsp; 5020332 |
| Synopsys, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6688 | &nbsp;&nbsp; 3141487 |
| Tenable Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 68385 | &nbsp;&nbsp; 1609099 |
| Teradyne, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 47485 | &nbsp;&nbsp; 9191197 |
| TripAdvisor, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 102632 | &nbsp;&nbsp; 1494322 |
| Visa, Inc., Class A | &nbsp;&nbsp; 20339 | &nbsp;&nbsp; 7133091 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Western Digital Corp. | &nbsp;&nbsp; 72157 | &nbsp;&nbsp; 12430486 |
| **Total** | **Total** | &nbsp;&nbsp; **299239088** |
| Total Common Stocks <br>(Cost $209,178,794) | Total Common Stocks <br>(Cost $209,178,794) | &nbsp;&nbsp; **321922816** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.0%** | **Call Option Contracts Purchased 0.0%** |
|  | **Value ($)** |
| (Cost $31,756) | &nbsp;&nbsp; **18920** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 2.4%** | **Money Market Funds 2.4%** | **Money Market Funds 2.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(c),(d)</sup> <br>| &nbsp;&nbsp; 7746427 | &nbsp;&nbsp; 7744103 |
| Total Money Market Funds <br>(Cost $7,744,003) | Total Money Market Funds <br>(Cost $7,744,003) | &nbsp;&nbsp; **7744103** |
| **Total Investments in Securities** <br>**(Cost $216,954,553)** | **Total Investments in Securities** <br>**(Cost $216,954,553)** | &nbsp;&nbsp; **329685839** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(4410233)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$325275606** |

---

At December 31, 2025, securities and/or cash totaling $4,973,571 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| Bloom Energy Corp. | Morgan Stanley | USD | &nbsp;&nbsp; 373627 | &nbsp;&nbsp; 43 | 115.00 | &nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp; 31756 | &nbsp;&nbsp; 18920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| Bloom Energy Corp. | Morgan Stanley | USD | &nbsp;&nbsp; (1051369)<br>| &nbsp;&nbsp; (121)<br>| 150.00 | &nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp; (36426)<br>| &nbsp;&nbsp; (16033)<br>|
| Bloom Energy Corp. | Morgan Stanley | USD | &nbsp;&nbsp; (1051369)<br>| &nbsp;&nbsp; (121)<br>| 140.00 | &nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp; (44506)<br>| &nbsp;&nbsp; (21780)<br>|
| Bloom Energy Corp. | Morgan Stanley | USD | &nbsp;&nbsp; (1051369)<br>| &nbsp;&nbsp; (121)<br>| 145.00 | &nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp; (39497)<br>| &nbsp;&nbsp; (22082)<br>|
| Teradyne, Inc. | Morgan Stanley | USD | &nbsp;&nbsp; (909732)<br>| &nbsp;&nbsp; (47)<br>| 185.00 | &nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp; (25065)<br>| &nbsp;&nbsp; (59455)<br>|
| Teradyne, Inc. | Morgan Stanley | USD | &nbsp;&nbsp; (909732)<br>| &nbsp;&nbsp; (47)<br>| 180.00 | &nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp; (30553)<br>| &nbsp;&nbsp; (78960)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; (176047)<br>| &nbsp;&nbsp; (198310)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 5370881 | &nbsp;&nbsp; 73262703 | &nbsp;&nbsp; (70889581)<br>| &nbsp;&nbsp; 100 | &nbsp;&nbsp; 7744103 | &nbsp;&nbsp; (172)<br>| &nbsp;&nbsp; 276164 | &nbsp;&nbsp; 7746427 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Currency Legend** 

USD US Dollar

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Cayman Islands | 725431 | &nbsp;&nbsp;&nbsp;&nbsp; 1319834 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2045265 |
| Germany |  | &nbsp;&nbsp;&nbsp;&nbsp; 817167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 817167 |
| Israel | 6951426 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6951426 |
| Japan |  | &nbsp;&nbsp;&nbsp;&nbsp; 3648841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3648841 |
| Netherlands | 4514414 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4514414 |
| Singapore | 1124193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1124193 |
| South Korea | 306184 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 306184 |
| Taiwan | 3276238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3276238 |
| United States | 299239088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 299239088 |
| Total Common Stocks | 316136974 | &nbsp;&nbsp;&nbsp;&nbsp; 5785842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 321922816 |
| Call Option Contracts Purchased | 18920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18920 |
| Money Market Funds | 7744103 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7744103 |
| Total Investments in Securities | 323899997 | &nbsp;&nbsp;&nbsp;&nbsp; 5785842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 329685839 |
| **Investments in Derivatives** |  |  |  |  |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Liability |  |  |  |  |
| Call Option Contracts Written | (198310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (198310)<br>|
| Total | 323701687 | &nbsp;&nbsp;&nbsp;&nbsp; 5785842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 329487529 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $209,178,794) | $321922816 |
| Affiliated issuers (cost $7,744,003) | 7744103 |
| Option contracts purchased (cost $31,756) | 18920 |
| Cash | 1299 |
| Foreign currency (cost $8) | 8 |
| Receivable for: |  |
| Investments sold | 81954 |
| Capital shares sold | 489845 |
| Dividends | 168261 |
| Foreign tax reclaims | 10489 |
| Expense reimbursement due from Investment Manager | 1662 |
| Prepaid expenses | 3112 |
| Total assets | 330442469 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $176,047) | 198310 |
| Payable for: |  |
| Investments purchased | 1159762 |
| Capital shares redeemed | 3573985 |
| Management services fees | 8297 |
| Distribution and/or service fees | 1652 |
| Service fees | 125899 |
| Compensation of chief compliance officer | 50 |
| Compensation of board members | 557 |
| Other expenses | 23781 |
| Deferred compensation of board members | 74570 |
| Total liabilities | 5166863 |
| **Net assets applicable to outstanding capital stock** | **$325275606** |
| **Represented by** |  |
| Paid in capital | 182267957 |
| Total distributable earnings (loss) | 143007649 |
| **Total - representing net assets applicable to outstanding capital stock** | **$325275606** |
| **Class 1** |  |
| Net assets | $88989449 |
| Shares outstanding | 2126677 |
| Net asset value per share | $41.84 |
| **Class 2** |  |
| Net assets | $236286157 |
| Shares outstanding | 6954888 |
| Net asset value per share | $33.97 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $1574938 |
| Dividends — affiliated issuers | 276164 |
| Foreign taxes withheld | (25774)<br>|
| Total income | 1825328 |
| Expenses: |  |
| Management services fees | 2277297 |
| Distribution and/or service fees |  |
| Class 2 | 429437 |
| Service fees | 406116 |
| Custodian fees | 16682 |
| Printing and postage fees | 12368 |
| Accounting services fees | 32423 |
| Legal fees | 21489 |
| Compensation of chief compliance officer | 49 |
| Compensation of board members | 13595 |
| Deferred compensation of board members | 12164 |
| Other | 8932 |
| Total expenses | 3230552 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (472850)<br>|
| Total net expenses | 2757702 |
| **Net investment loss** | (932374)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 31511745 |
| Investments — affiliated issuers | (172)<br>|
| Foreign currency translations | 1433 |
| Option contracts purchased | 1179 |
| Option contracts written | 250433 |
| Net realized gain | 31764618 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 47379344 |
| Investments — affiliated issuers | 100 |
| Foreign currency translations | (354)<br>|
| Option contracts purchased | (12836)<br>|
| Option contracts written | (52049)<br>|
| Net change in unrealized appreciation (depreciation) | 47314205 |
| Net realized and unrealized gain | 79078823 |
| **Net increase in net assets resulting from operations** | **$78146449** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment loss | $(932374)<br>| &nbsp;&nbsp; $(524969)<br>|
| Net realized gain | 31764618 | &nbsp;&nbsp; 25415297 |
| Net change in unrealized appreciation (depreciation) | 47314205 | &nbsp;&nbsp; 18589173 |
| Net increase in net assets resulting from operations | 78146449 | &nbsp;&nbsp; 43479501 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (7042268)<br>| &nbsp;&nbsp; (4148691)<br>|
| Class 2 | (17842292)<br>| &nbsp;&nbsp; (9357857)<br>|
| Total distributions to shareholders | (24884560)<br>| &nbsp;&nbsp; (13506548)<br>|
| Increase in net assets from capital stock activity | 54313743 | &nbsp;&nbsp; 29023262 |
| Total increase in net assets | 107575632 | &nbsp;&nbsp; 58996215 |
| Net assets at beginning of year | 217699974 | &nbsp;&nbsp; 158703759 |
| **Net assets at end of year** | **$325275606** | &nbsp;&nbsp; **$217699974** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 197055 | &nbsp;&nbsp;&nbsp;&nbsp; 7127909 | &nbsp;&nbsp;&nbsp;&nbsp; 191968 | &nbsp;&nbsp;&nbsp;&nbsp; 5997269 |
| Distributions reinvested | 204717 | &nbsp;&nbsp;&nbsp;&nbsp; 7042268 | &nbsp;&nbsp;&nbsp;&nbsp; 137830 | &nbsp;&nbsp;&nbsp;&nbsp; 4148691 |
| Shares redeemed | (351092)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13685704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (269232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8453213)<br>|
| Net increase | 50680 | &nbsp;&nbsp;&nbsp;&nbsp; 484473 | &nbsp;&nbsp;&nbsp;&nbsp; 60566 | &nbsp;&nbsp;&nbsp;&nbsp; 1692747 |
| Class 2 |  |  |  |  |
| Shares sold | 2677673 | &nbsp;&nbsp;&nbsp;&nbsp; 82006733 | &nbsp;&nbsp;&nbsp;&nbsp; 2192294 | &nbsp;&nbsp;&nbsp;&nbsp; 58252265 |
| Distributions reinvested | 638136 | &nbsp;&nbsp;&nbsp;&nbsp; 17842292 | &nbsp;&nbsp;&nbsp;&nbsp; 374764 | &nbsp;&nbsp;&nbsp;&nbsp; 9357857 |
| Shares redeemed | (1559869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46019755)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1533946)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40279607)<br>|
| Net increase | 1755940 | &nbsp;&nbsp;&nbsp;&nbsp; 53829270 | &nbsp;&nbsp;&nbsp;&nbsp; 1033112 | &nbsp;&nbsp;&nbsp;&nbsp; 27330515 |
| **Total net increase** | **1806620** | &nbsp;&nbsp;&nbsp;&nbsp; **54313743** | &nbsp;&nbsp;&nbsp;&nbsp; **1093678** | &nbsp;&nbsp;&nbsp;&nbsp; **29023262** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $34.10<br>| &nbsp;&nbsp; (0.07) <br>| 11.17<br>| 11.10<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (3.36) <br>| &nbsp;&nbsp; (3.36) <br>|
| Year Ended 12/31/2024 | $28.77<br>| &nbsp;&nbsp; (0.04) <br>| 7.50<br>| 7.46<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (2.13) <br>| &nbsp;&nbsp; (2.13) <br>|
| Year Ended 12/31/2023 | $20.66<br>| &nbsp;&nbsp; (0.01) <br>| 9.29<br>| 9.28<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp; (1.17) <br>|
| Year Ended 12/31/2022 | $39.33<br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (11.51) <br>| &nbsp;&nbsp; (11.55) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (7.12) <br>| &nbsp;&nbsp; (7.12) <br>|
| Year Ended 12/31/2021 | $31.55<br>| &nbsp;&nbsp; (0.01) <br>| 11.76<br>| 11.75<br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (3.82) <br>| &nbsp;&nbsp; (3.97) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $28.26<br>| &nbsp;&nbsp; (0.13) <br>| 9.13<br>| 9.00<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (3.29) <br>| &nbsp;&nbsp; (3.29) <br>|
| Year Ended 12/31/2024 | $24.18<br>| &nbsp;&nbsp; (0.10) <br>| 6.25<br>| 6.15<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (2.07) <br>| &nbsp;&nbsp; (2.07) <br>|
| Year Ended 12/31/2023 | $17.55<br>| &nbsp;&nbsp; (0.06) <br>| 7.86<br>| 7.80<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp; (1.17) <br>|
| Year Ended 12/31/2022 | $34.73<br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (10.04) <br>| &nbsp;&nbsp; (10.14) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (7.04) <br>| &nbsp;&nbsp; (7.04) <br>|
| Year Ended 12/31/2021 | $28.26<br>| &nbsp;&nbsp; (0.09) <br>| 10.48<br>| 10.39<br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (3.82) <br>| &nbsp;&nbsp; (3.92) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $41.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88989<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $34.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70784<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $57981<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $20.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31.72%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40656<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $39.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65802<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $33.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $236286<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $28.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $146916<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $24.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100723<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $17.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31.86%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66225<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $34.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $107955<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Seligman Global Technology Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Options contracts**

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

**Effects of derivative transactions in the financial statements**

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 18920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 198310 |

---

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp;&nbsp; 250433 | &nbsp;&nbsp;&nbsp;&nbsp; 251612 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; (12836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64885)<br>|

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 938 |
| Option contracts written | (115572)<br>|

---

**Offsetting of assets and liabilities** 

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Fund as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Morgan** <br>**Stanley**<br>|
| **Assets** |  |
| Call option contracts purchased | $&nbsp;&nbsp; 18920<br>|
| **Liabilities** |  |
| Call option contracts written | &nbsp;&nbsp; 198310<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **(179390)**<br>|
| Total collateral received (pledged) <sup>(a)</sup> <br>| &nbsp;&nbsp; (179390)<br>|
| **Net amount** <sup>(b)</sup> <br>| $&nbsp;&nbsp; **-**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the net amount due from/(to) counterparties in the event of default.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Distributions to subaccounts**

Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed annually. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.915% to 0.705% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.915% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.16% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, passive foreign investment company (pfic) holdings, tax straddles, trustees' deferred compensation and net operating loss reclassification. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Excess of distributions** <br>**over net investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 915207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (915207)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 3259619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21624941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24884560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12686269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13506548 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 2394093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28834486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111853955 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 217633574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122274347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10420392)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111853955 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $99,836,460 and $69,216,801, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, two unaffiliated shareholders of record owned 46.0% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 20.8% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Seligman Global Technology Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Seligman Global Technology Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| **Dividends** <br>**received** <br>**deduction**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital** <br>**gain** <br>**dividend**<br>|
| 33.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30305101 |

---

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Columbia Variable Portfolio – Seligman Global Technology Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Columbia Variable Portfolio – Seligman Global Technology Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img796bb4342.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7072_12_E01_(02/26)

------

![](g245812img4f9243561.jpg)

Columbia Variable Portfolio – Select Small Cap Value Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_bcb28bf0-b655-4086-a749-fe0b32189ea3_POI-CommonContent-Date-261_1) | 3 |
| [Statement of Assets and Liabilities](#xx_bcb28bf0-b655-4086-a749-fe0b32189ea3_FS-CommonContent-Date-261_1) | 7 |
| [Statement of Operations](#xx_bcb28bf0-b655-4086-a749-fe0b32189ea3_FS-CommonContent-Date-261_2) | 8 |
| [Statement of Changes in Net Assets](#xx_bcb28bf0-b655-4086-a749-fe0b32189ea3_FS-CommonContent-Date-261_3) | 9 |
| [Financial Highlights](#xx_bcb28bf0-b655-4086-a749-fe0b32189ea3_FIHI-CommonContent-Date-261_1) | 10 |
| [Notes to Financial Statements](#xx_bcb28bf0-b655-4086-a749-fe0b32189ea3_NTF-CommonContent-Date-261_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_bcb28bf0-b655-4086-a749-fe0b32189ea3_AUD-CommonContent-Date-261_1) | 19 |

---

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.9%** | **Common Stocks 98.9%** | **Common Stocks 98.9%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Discretionary 8.4%** | **Consumer Discretionary 8.4%** | **Consumer Discretionary 8.4%** |
| **Automobile Components 1.7%** | **Automobile Components 1.7%** | **Automobile Components 1.7%** |
| Visteon Corp. | &nbsp;&nbsp; 18956 | &nbsp;&nbsp; 1802716 |
| **Hotels, Restaurants & Leisure 2.6%** | **Hotels, Restaurants & Leisure 2.6%** | **Hotels, Restaurants & Leisure 2.6%** |
| Six Flags Entertainment Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35148 | &nbsp;&nbsp; 539170 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp; 13153 | &nbsp;&nbsp; 2183398 |
| Total |  | &nbsp;&nbsp; 2722568 |
| **Household Durables 1.8%** | **Household Durables 1.8%** | **Household Durables 1.8%** |
| KB Home | &nbsp;&nbsp; 33639 | &nbsp;&nbsp; 1897576 |
| **Textiles, Apparel & Luxury Goods 2.3%** | **Textiles, Apparel & Luxury Goods 2.3%** | **Textiles, Apparel & Luxury Goods 2.3%** |
| Kontoor Brands, Inc. | &nbsp;&nbsp; 39388 | &nbsp;&nbsp; 2406213 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **8829073** |
| **Consumer Staples 2.4%** | **Consumer Staples 2.4%** | **Consumer Staples 2.4%** |
| **Food Products 2.4%** | **Food Products 2.4%** | **Food Products 2.4%** |
| Nomad Foods Ltd. | &nbsp;&nbsp; 113659 | &nbsp;&nbsp; 1421874 |
| Utz Brands, Inc. | &nbsp;&nbsp; 104015 | &nbsp;&nbsp; 1079676 |
| Total |  | &nbsp;&nbsp; 2501550 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2501550** |
| **Energy 4.7%** | **Energy 4.7%** | **Energy 4.7%** |
| **Energy Equipment & Services 1.1%** | **Energy Equipment & Services 1.1%** | **Energy Equipment & Services 1.1%** |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp; 188959 | &nbsp;&nbsp; 1154539 |
| **Oil, Gas & Consumable Fuels 3.6%** | **Oil, Gas & Consumable Fuels 3.6%** | **Oil, Gas & Consumable Fuels 3.6%** |
| Murphy Oil Corp. | &nbsp;&nbsp; 47384 | &nbsp;&nbsp; 1480750 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp; 52123 | &nbsp;&nbsp; 1413576 |
| SM Energy Co. | &nbsp;&nbsp; 47384 | &nbsp;&nbsp; 886081 |
| Total |  | &nbsp;&nbsp; 3780407 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **4934946** |
| **Financials 28.6%** | **Financials 28.6%** | **Financials 28.6%** |
| **Banks 17.3%** | **Banks 17.3%** | **Banks 17.3%** |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 72626 | &nbsp;&nbsp; 2563698 |
| Axos Financial, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42900 | &nbsp;&nbsp; 3696264 |
| Columbia Banking System, Inc. | &nbsp;&nbsp; 89848 | &nbsp;&nbsp; 2511251 |
| OceanFirst Financial Corp. | &nbsp;&nbsp; 84388 | &nbsp;&nbsp; 1514765 |
| Popular, Inc. | &nbsp;&nbsp; 25635 | &nbsp;&nbsp; 3192070 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp; 65340 | &nbsp;&nbsp; 2052983 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp; 42407 | &nbsp;&nbsp; 2754335 |
| Total |  | &nbsp;&nbsp; 18285366 |
| **Capital Markets 1.7%** | **Capital Markets 1.7%** | **Capital Markets 1.7%** |
| Lazard, Inc. | &nbsp;&nbsp; 36745 | &nbsp;&nbsp; 1784337 |
| **Financial Services 1.8%** | **Financial Services 1.8%** | **Financial Services 1.8%** |
| Radian Group, Inc. | &nbsp;&nbsp; 52552 | &nbsp;&nbsp; 1891346 |
| **Insurance 7.8%** | **Insurance 7.8%** | **Insurance 7.8%** |
| CNO Financial Group, Inc. | &nbsp;&nbsp; 61990 | &nbsp;&nbsp; 2632715 |
| Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp; 12676 | &nbsp;&nbsp; 2316793 |
| Kemper Corp. | &nbsp;&nbsp; 37558 | &nbsp;&nbsp; 1522601 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33826 | &nbsp;&nbsp; 1728847 |
| Total |  | &nbsp;&nbsp; 8200956 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **30162005** |
| **Health Care 9.8%** | **Health Care 9.8%** | **Health Care 9.8%** |
| **Biotechnology 2.2%** | **Biotechnology 2.2%** | **Biotechnology 2.2%** |
| Cytokinetics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18588 | &nbsp;&nbsp; 1181081 |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 56264 | &nbsp;&nbsp; 1182107 |
| Total |  | &nbsp;&nbsp; 2363188 |
| **Health Care Equipment & Supplies 3.8%** | **Health Care Equipment & Supplies 3.8%** | **Health Care Equipment & Supplies 3.8%** |
| CONMED Corp. | &nbsp;&nbsp; 20557 | &nbsp;&nbsp; 834614 |
| Integer Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9477 | &nbsp;&nbsp; 743281 |
| LivaNova PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 39229 | &nbsp;&nbsp; 2413761 |
| Total |  | &nbsp;&nbsp; 3991656 |
| **Health Care Providers & Services 2.1%** | **Health Care Providers & Services 2.1%** | **Health Care Providers & Services 2.1%** |
| Tenet Healthcare Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10836 | &nbsp;&nbsp; 2153330 |
| **Pharmaceuticals 1.7%** | **Pharmaceuticals 1.7%** | **Pharmaceuticals 1.7%** |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9498 | &nbsp;&nbsp; 1795787 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **10303961** |
| **Industrials 19.3%** | **Industrials 19.3%** | **Industrials 19.3%** |
| **Aerospace & Defense 6.3%** | **Aerospace & Defense 6.3%** | **Aerospace & Defense 6.3%** |
| ATI, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29207 | &nbsp;&nbsp; 3351795 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43268 | &nbsp;&nbsp; 3284474 |
| Total |  | &nbsp;&nbsp; 6636269 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Building Products 2.9%** | **Building Products 2.9%** | **Building Products 2.9%** |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 64394 | &nbsp;&nbsp; 2993677 |
| **Construction & Engineering 3.1%** | **Construction & Engineering 3.1%** | **Construction & Engineering 3.1%** |
| Primoris Services Corp. | &nbsp;&nbsp; 26649 | &nbsp;&nbsp; 3308207 |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |
| Regal Rexnord Corp. | &nbsp;&nbsp; 11995 | &nbsp;&nbsp; 1683138 |
| **Ground Transportation 2.1%** | **Ground Transportation 2.1%** | **Ground Transportation 2.1%** |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 42474 | &nbsp;&nbsp; 2220541 |
| **Machinery 2.7%** | **Machinery 2.7%** | **Machinery 2.7%** |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp; 55498 | &nbsp;&nbsp; 2880901 |
| **Professional Services 0.6%** | **Professional Services 0.6%** | **Professional Services 0.6%** |
| Alight, Inc., Class A | &nbsp;&nbsp; 312726 | &nbsp;&nbsp; 609817 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **20332550** |
| **Information Technology 10.7%** | **Information Technology 10.7%** | **Information Technology 10.7%** |
| **Communications Equipment 4.9%** | **Communications Equipment 4.9%** | **Communications Equipment 4.9%** |
| Extreme Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 132363 | &nbsp;&nbsp; 2203844 |
| Viavi Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 167197 | &nbsp;&nbsp; 2979450 |
| Total |  | &nbsp;&nbsp; 5183294 |
| **Electronic Equipment, Instruments & Components 1.2%** | **Electronic Equipment, Instruments & Components 1.2%** | **Electronic Equipment, Instruments & Components 1.2%** |
| Crane NXT Co. | &nbsp;&nbsp; 27308 | &nbsp;&nbsp; 1285388 |
| **Semiconductors & Semiconductor Equipment 4.6%** | **Semiconductors & Semiconductor Equipment 4.6%** | **Semiconductors & Semiconductor Equipment 4.6%** |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp; 28375 | &nbsp;&nbsp; 1292765 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20698 | &nbsp;&nbsp; 3545153 |
| Total |  | &nbsp;&nbsp; 4837918 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **11306600** |
| **Materials 4.2%** | **Materials 4.2%** | **Materials 4.2%** |
| **Chemicals 2.7%** | **Chemicals 2.7%** | **Chemicals 2.7%** |
| Chemours Co. LLC (The) | &nbsp;&nbsp; 127652 | &nbsp;&nbsp; 1505017 |
| Minerals Technologies, Inc. | &nbsp;&nbsp; 22299 | &nbsp;&nbsp; 1359124 |
| Total |  | &nbsp;&nbsp; 2864141 |
| **Containers & Packaging 1.5%** | **Containers & Packaging 1.5%** | **Containers & Packaging 1.5%** |
| O-I Glass, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 108244 | &nbsp;&nbsp; 1597682 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4461823** |
| **Real Estate 8.1%** | **Real Estate 8.1%** | **Real Estate 8.1%** |
| **Health Care REITs 2.1%** | **Health Care REITs 2.1%** | **Health Care REITs 2.1%** |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp; 115331 | &nbsp;&nbsp; 2184369 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Hotel & Resort REITs 1.1%** | **Hotel & Resort REITs 1.1%** | **Hotel & Resort REITs 1.1%** |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp; 94771 | &nbsp;&nbsp; 1123036 |
| **Industrial REITs 1.1%** | **Industrial REITs 1.1%** | **Industrial REITs 1.1%** |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 19703 | &nbsp;&nbsp; 1128391 |
| **Specialized REITs 3.8%** | **Specialized REITs 3.8%** | **Specialized REITs 3.8%** |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 26636 | &nbsp;&nbsp; 1190363 |
| Outfront Media, Inc. | &nbsp;&nbsp; 118840 | &nbsp;&nbsp; 2864044 |
| Total |  | &nbsp;&nbsp; 4054407 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **8490203** |
| **Utilities 2.7%** | **Utilities 2.7%** | **Utilities 2.7%** |
| **Electric Utilities 2.7%** | **Electric Utilities 2.7%** | **Electric Utilities 2.7%** |
| Portland General Electric Co. | &nbsp;&nbsp; 60410 | &nbsp;&nbsp; 2899076 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2899076** |
| Total Common Stocks <br>(Cost $79,166,655) | Total Common Stocks <br>(Cost $79,166,655) | &nbsp;&nbsp; **104221787** |
| **Rights —%** | **Rights —%** | **Rights —%** |
| **Health Care —%** | **Health Care —%** | **Health Care —%** |
| **Life Sciences Tools & Services —%** | **Life Sciences Tools & Services —%** | **Life Sciences Tools & Services —%** |
| OmniAb Operations, Inc.<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 1403 | &nbsp;&nbsp; — |
| OmniAb, Inc.<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 1403 | &nbsp;&nbsp; — |
| Total |  | &nbsp;&nbsp; — |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **—** |
| Total Rights <br>(Cost $—) | Total Rights <br>(Cost $—) | &nbsp;&nbsp; **—** |
| **Money Market Funds 1.1%** | **Money Market Funds 1.1%** | **Money Market Funds 1.1%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(e),(f)</sup> <br>| &nbsp;&nbsp; 1228941 | &nbsp;&nbsp; 1228572 |
| Total Money Market Funds <br>(Cost $1,228,572) | Total Money Market Funds <br>(Cost $1,228,572) | &nbsp;&nbsp; **1228572** |
| **Total Investments in Securities** <br>**(Cost: $80,395,227)** | **Total Investments in Securities** <br>**(Cost: $80,395,227)** | &nbsp;&nbsp; **105450359** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(42302)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **105408057** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2025, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At December 31, 2025, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| OmniAb Operations, Inc. | 03/05/2015-06/10/2021 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| OmniAb, Inc. | 03/05/2015-06/10/2021 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 649815 | &nbsp;&nbsp; 15789554 | &nbsp;&nbsp; (15210797)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1228572 | &nbsp;&nbsp; (313)<br>| &nbsp;&nbsp; 90259 | &nbsp;&nbsp; 1228941 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Consumer Discretionary | 8829073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8829073 |
| Consumer Staples | 2501550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2501550 |
| Energy | 4934946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4934946 |
| Financials | 30162005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30162005 |
| Health Care | 10303961 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10303961 |
| Industrials | 20332550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20332550 |
| Information Technology | 11306600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11306600 |
| Materials | 4461823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4461823 |
| Real Estate | 8490203 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8490203 |
| Utilities | 2899076 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2899076 |
| Total Common Stocks | 104221787 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104221787 |
| Rights |  |  |  |  |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Total Rights |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Money Market Funds | 1228572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1228572 |
| Total Investments in Securities | 105450359 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 105450359 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $79,166,655) | $104221787 |
| Affiliated issuers (cost $1,228,572) | 1228572 |
| Receivable for: |  |
| Capital shares sold | 7701 |
| Dividends | 96758 |
| Expense reimbursement due from Investment Manager | 534 |
| Prepaid expenses | 2841 |
| Total assets | 105558193 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 31958 |
| Management services fees | 2532 |
| Distribution and/or service fees | 453 |
| Service fees | 12107 |
| Compensation of chief compliance officer | 17 |
| Accounting services fees | 16699 |
| Compensation of board members | 485 |
| Other expenses | 6484 |
| Deferred compensation of board members | 79401 |
| Total liabilities | 150136 |
| **Net assets applicable to outstanding capital stock** | **$105408057** |
| **Represented by** |  |
| Trust capital | $105408057 |
| **Total - representing net assets applicable to outstanding capital stock** | **$105408057** |
| **Class 1** |  |
| Net assets | $13607420 |
| Shares outstanding | 324635 |
| Net asset value per share | $41.92 |
| **Class 2** |  |
| Net assets | $39406926 |
| Shares outstanding | 977037 |
| Net asset value per share | $40.33 |
| **Class 3** |  |
| Net assets | $52393711 |
| Shares outstanding | 1273673 |
| Net asset value per share | $41.14 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $1886316 |
| Dividends — affiliated issuers | 90259 |
| Foreign taxes withheld | (13223)<br>|
| Total income | 1963352 |
| Expenses: |  |
| Management services fees | 900599 |
| Distribution and/or service fees |  |
| Class 2 | 97460 |
| Class 3 | 64176 |
| Service fees | 81126 |
| Custodian fees | 2817 |
| Printing and postage fees | 14541 |
| Accounting services fees | 32423 |
| Legal fees | 19140 |
| Compensation of chief compliance officer | 16 |
| Compensation of board members | 12125 |
| Deferred compensation of board members | 12645 |
| Other | 7380 |
| Total expenses | 1244448 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (202763)<br>|
| Total net expenses | 1041685 |
| **Net investment income** | 921667 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 6510900 |
| Investments — affiliated issuers | (313)<br>|
| Net realized gain | 6510587 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (856548)<br>|
| Net change in unrealized appreciation (depreciation) | (856548)<br>|
| Net realized and unrealized gain | 5654039 |
| **Net increase in net assets resulting from operations** | **$6575706** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $921667 | &nbsp;&nbsp; $930370 |
| Net realized gain | 6510587 | &nbsp;&nbsp; 11035013 |
| Net change in unrealized appreciation (depreciation) | (856548)<br>| &nbsp;&nbsp; 1726089 |
| Net increase in net assets resulting from operations | 6575706 | &nbsp;&nbsp; 13691472 |
| Decrease in net assets from capital stock activity | (14990173)<br>| &nbsp;&nbsp; (2750878)<br>|
| Total increase (decrease) in net assets | (8414467)<br>| &nbsp;&nbsp; 10940594 |
| Net assets at beginning of year | 113822524 | &nbsp;&nbsp; 102881930 |
| **Net assets at end of year** | **$105408057** | &nbsp;&nbsp; **$113822524** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 113390 | &nbsp;&nbsp;&nbsp;&nbsp; 4313942 | &nbsp;&nbsp;&nbsp;&nbsp; 331072 | &nbsp;&nbsp;&nbsp;&nbsp; 12763254 |
| Shares redeemed | (182178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7141149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (170435)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6429071)<br>|
| Net increase (decrease) | (68788)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2827207)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 160637 | &nbsp;&nbsp;&nbsp;&nbsp; 6334183 |
| Class 2 |  |  |  |  |
| Shares sold | 72009 | &nbsp;&nbsp;&nbsp;&nbsp; 2669960 | &nbsp;&nbsp;&nbsp;&nbsp; 80988 | &nbsp;&nbsp;&nbsp;&nbsp; 2817532 |
| Shares redeemed | (255793)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9701260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (152303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5476721)<br>|
| Net decrease | (183784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7031300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (71315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2659189)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 27823 | &nbsp;&nbsp;&nbsp;&nbsp; 1048185 | &nbsp;&nbsp;&nbsp;&nbsp; 16696 | &nbsp;&nbsp;&nbsp;&nbsp; 612215 |
| Shares redeemed | (159483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6179851)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (193213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7038087)<br>|
| Net decrease | (131660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5131666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (176517)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6425872)<br>|
| **Total net decrease** | **(384232)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(14990173)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(87195)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(2750878)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $39.33<br>| 0.41<br>| 2.18<br>| 2.59<br>|
| Year Ended 12/31/2024 | $34.51<br>| 0.40<br>| 4.42<br>| 4.82<br>|
| Year Ended 12/31/2023 | $30.51<br>| 0.33<br>| 3.67<br>| 4.00<br>|
| Year Ended 12/31/2022 | $35.77<br>| 0.36<br>| &nbsp;&nbsp; (5.62) <br>| &nbsp;&nbsp; (5.26) <br>|
| Year Ended 12/31/2021 | $27.32<br>| 0.20<br>| 8.25<br>| 8.45<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $37.94<br>| 0.30<br>| 2.09<br>| 2.39<br>|
| Year Ended 12/31/2024 | $33.38<br>| 0.27<br>| 4.29<br>| 4.56<br>|
| Year Ended 12/31/2023 | $29.58<br>| 0.23<br>| 3.57<br>| 3.80<br>|
| Year Ended 12/31/2022 | $34.77<br>| 0.26<br>| &nbsp;&nbsp; (5.45) <br>| &nbsp;&nbsp; (5.19) <br>|
| Year Ended 12/31/2021 | $26.62<br>| 0.11<br>| 8.04<br>| 8.15<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $38.65<br>| 0.36<br>| 2.13<br>| 2.49<br>|
| Year Ended 12/31/2024 | $33.96<br>| 0.32<br>| 4.37<br>| 4.69<br>|
| Year Ended 12/31/2023 | $30.06<br>| 0.27<br>| 3.63<br>| 3.90<br>|
| Year Ended 12/31/2022 | $35.29<br>| 0.30<br>| &nbsp;&nbsp; (5.53) <br>| &nbsp;&nbsp; (5.23) <br>|
| Year Ended 12/31/2021 | $26.98<br>| 0.15<br>| 8.16<br>| 8.31<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $41.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13607<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $39.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15473<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $34.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8035<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $30.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.71%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7735<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $35.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6364<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $40.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39407<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $37.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44040<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $33.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41129<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $29.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.93%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37261<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $34.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41125<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $41.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52394<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $38.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54309<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $33.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $53718<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $30.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.82%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52200<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $35.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $62331<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Select Small Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.87% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.08% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.975 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $8,994,970 and $23,468,090, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 83.7% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Small Cap Value Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Small Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Select Small Cap Value Fund \| 2025

------

**Columbia Variable Portfolio – Select Small Cap Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img41c5f17f2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7022_12_E01_(02/26)

------

![](g245812imgab188dd11.jpg)

Variable Portfolio – Partners Small Cap Value Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_9dd99790-390b-4d12-a0fc-b5cda0c09cef_POI-CommonContent-Date-326_1) | 3 |
| [Statement of Assets and Liabilities](#xx_9dd99790-390b-4d12-a0fc-b5cda0c09cef_FS-CommonContent-Date-326_1) | 10 |
| [Statement of Operations](#xx_9dd99790-390b-4d12-a0fc-b5cda0c09cef_FS-CommonContent-Date-326_2) | 11 |
| [Statement of Changes in Net Assets](#xx_9dd99790-390b-4d12-a0fc-b5cda0c09cef_FS-CommonContent-Date-326_3) | 12 |
| [Financial Highlights](#xx_9dd99790-390b-4d12-a0fc-b5cda0c09cef_FIHI-CommonContent-Date-326_2) | 14 |
| [Notes to Financial Statements](#xx_9dd99790-390b-4d12-a0fc-b5cda0c09cef_NTF-CommonContent-Date-326_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_9dd99790-390b-4d12-a0fc-b5cda0c09cef_AUD-CommonContent-Date-326_1) | 23 |

---

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 97.0%** | **Common Stocks 97.0%** | **Common Stocks 97.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.9%** | **Communication Services 0.9%** | **Communication Services 0.9%** |
| **Interactive Media & Services 0.4%** | **Interactive Media & Services 0.4%** | **Interactive Media & Services 0.4%** |
| Cargurus, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 45381 | &nbsp;&nbsp; 1740362 |
| **Media 0.5%** | **Media 0.5%** | **Media 0.5%** |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp; 63737 | &nbsp;&nbsp; 1952264 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3692626** |
| **Consumer Discretionary 9.0%** | **Consumer Discretionary 9.0%** | **Consumer Discretionary 9.0%** |
| **Automobile Components 0.9%** | **Automobile Components 0.9%** | **Automobile Components 0.9%** |
| Gentherm, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 39564 | &nbsp;&nbsp; 1438943 |
| Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 250514 | &nbsp;&nbsp; 2194502 |
| Total |  | &nbsp;&nbsp; 3633445 |
| **Automobiles 0.3%** | **Automobiles 0.3%** | **Automobiles 0.3%** |
| Winnebago Industries, Inc. | &nbsp;&nbsp; 29956 | &nbsp;&nbsp; 1213817 |
| **Diversified Consumer Services 0.6%** | **Diversified Consumer Services 0.6%** | **Diversified Consumer Services 0.6%** |
| Laureate Education, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 77460 | &nbsp;&nbsp; 2608078 |
| **Hotels, Restaurants & Leisure 1.4%** | **Hotels, Restaurants & Leisure 1.4%** | **Hotels, Restaurants & Leisure 1.4%** |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 25509 | &nbsp;&nbsp; 266824 |
| Papa John's International, Inc. | &nbsp;&nbsp; 99397 | &nbsp;&nbsp; 3825791 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp; 22597 | &nbsp;&nbsp; 1707429 |
| Total |  | &nbsp;&nbsp; 5800044 |
| **Household Durables 1.5%** | **Household Durables 1.5%** | **Household Durables 1.5%** |
| La-Z-Boy, Inc. | &nbsp;&nbsp; 58117 | &nbsp;&nbsp; 2166021 |
| Taylor Morrison Home Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 31656 | &nbsp;&nbsp; 1863589 |
| Tri Pointe Homes, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 69133 | &nbsp;&nbsp; 2175615 |
| Total |  | &nbsp;&nbsp; 6205225 |
| **Leisure Products 0.4%** | **Leisure Products 0.4%** | **Leisure Products 0.4%** |
| YETI Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37114 | &nbsp;&nbsp; 1639325 |
| **Specialty Retail 1.0%** | **Specialty Retail 1.0%** | **Specialty Retail 1.0%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp; 57157 | &nbsp;&nbsp; 2246270 |
| Valvoline, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 55779 | &nbsp;&nbsp; 1620938 |
| Total |  | &nbsp;&nbsp; 3867208 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Textiles, Apparel & Luxury Goods 2.9%** | **Textiles, Apparel & Luxury Goods 2.9%** | **Textiles, Apparel & Luxury Goods 2.9%** |
| Capri Holdings Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 108717 | &nbsp;&nbsp; 2652695 |
| Steven Madden Ltd. | &nbsp;&nbsp; 52998 | &nbsp;&nbsp; 2206837 |
| VF Corp. | &nbsp;&nbsp; 394074 | &nbsp;&nbsp; 7124858 |
| Total |  | &nbsp;&nbsp; 11984390 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **36951532** |
| **Consumer Staples 0.4%** | **Consumer Staples 0.4%** | **Consumer Staples 0.4%** |
| **Household Products 0.2%** | **Household Products 0.2%** | **Household Products 0.2%** |
| Central Garden & Pet Co., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 29267 | &nbsp;&nbsp; 854304 |
| **Personal Care Products 0.2%** | **Personal Care Products 0.2%** | **Personal Care Products 0.2%** |
| Edgewell Personal Care Co. | &nbsp;&nbsp; 53591 | &nbsp;&nbsp; 913726 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1768030** |
| **Energy 4.2%** | **Energy 4.2%** | **Energy 4.2%** |
| **Energy Equipment & Services 1.5%** | **Energy Equipment & Services 1.5%** | **Energy Equipment & Services 1.5%** |
| Expro Group Holdings NV<sup>(a)</sup> <br>| &nbsp;&nbsp; 170641 | &nbsp;&nbsp; 2278057 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp; 56885 | &nbsp;&nbsp; 1631462 |
| Innovex International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47196 | &nbsp;&nbsp; 1032177 |
| Valaris Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20215 | &nbsp;&nbsp; 1018836 |
| Total |  | &nbsp;&nbsp; 5960532 |
| **Oil, Gas & Consumable Fuels 2.7%** | **Oil, Gas & Consumable Fuels 2.7%** | **Oil, Gas & Consumable Fuels 2.7%** |
| Crescent Energy Co., Class A | &nbsp;&nbsp; 221584 | &nbsp;&nbsp; 1859090 |
| Gulfport Energy Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15491 | &nbsp;&nbsp; 3221973 |
| Matador Resources Co. | &nbsp;&nbsp; 33323 | &nbsp;&nbsp; 1414228 |
| Murphy Oil Corp. | &nbsp;&nbsp; 91995 | &nbsp;&nbsp; 2874844 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp; 67672 | &nbsp;&nbsp; 1835264 |
| Total |  | &nbsp;&nbsp; 11205399 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **17165931** |
| **Financials 22.5%** | **Financials 22.5%** | **Financials 22.5%** |
| **Banks 18.4%** | **Banks 18.4%** | **Banks 18.4%** |
| Ameris Bancorp | &nbsp;&nbsp; 60998 | &nbsp;&nbsp; 4530321 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 89759 | &nbsp;&nbsp; 3168493 |
| Banc of California, Inc. | &nbsp;&nbsp; 187286 | &nbsp;&nbsp; 3612747 |
| Cadence Bank | &nbsp;&nbsp; 112700 | &nbsp;&nbsp; 4828068 |
| Columbia Banking System, Inc. | &nbsp;&nbsp; 75636 | &nbsp;&nbsp; 2114026 |
| Community Financial System, Inc. | &nbsp;&nbsp; 38016 | &nbsp;&nbsp; 2183639 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp; 151265 | &nbsp;&nbsp; 2787814 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Enterprise Financial Services Corp. | &nbsp;&nbsp; 19860 | &nbsp;&nbsp; 1072440 |
| FB Financial Corp. | &nbsp;&nbsp; 39010 | &nbsp;&nbsp; 2176758 |
| First BanCorp | &nbsp;&nbsp; 47037 | &nbsp;&nbsp; 2389009 |
| First Merchants Corp. | &nbsp;&nbsp; 61615 | &nbsp;&nbsp; 2309330 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp; 47836 | &nbsp;&nbsp; 2107176 |
| Hancock Whitney Corp. | &nbsp;&nbsp; 89418 | &nbsp;&nbsp; 5694138 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp; 56492 | &nbsp;&nbsp; 1940500 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp; 78496 | &nbsp;&nbsp; 2983633 |
| Old National Bancorp | &nbsp;&nbsp; 144391 | &nbsp;&nbsp; 3221363 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp; 20702 | &nbsp;&nbsp; 621681 |
| Renasant Corp. | &nbsp;&nbsp; 76522 | &nbsp;&nbsp; 2695105 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp; 193747 | &nbsp;&nbsp; 6087531 |
| Southstate Bank Corp. | &nbsp;&nbsp; 24017 | &nbsp;&nbsp; 2260240 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp; 41544 | &nbsp;&nbsp; 1285371 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 73020 | &nbsp;&nbsp; 6611231 |
| UMB Financial Corp. | &nbsp;&nbsp; 18092 | &nbsp;&nbsp; 2081304 |
| United Community Banks, Inc. | &nbsp;&nbsp; 51077 | &nbsp;&nbsp; 1594624 |
| WaFd, Inc. | &nbsp;&nbsp; 80427 | &nbsp;&nbsp; 2576077 |
| WesBanco, Inc. | &nbsp;&nbsp; 78969 | &nbsp;&nbsp; 2624930 |
| Total |  | &nbsp;&nbsp; 75557549 |
| **Capital Markets 2.4%** | **Capital Markets 2.4%** | **Capital Markets 2.4%** |
| Acadian Asset Management, Inc. | &nbsp;&nbsp; 20581 | &nbsp;&nbsp; 967307 |
| DigitalBridge Group, Inc. | &nbsp;&nbsp; 438306 | &nbsp;&nbsp; 6723614 |
| Perella Weinberg Partners | &nbsp;&nbsp; 116409 | &nbsp;&nbsp; 2013876 |
| Total |  | &nbsp;&nbsp; 9704797 |
| **Financial Services 0.6%** | **Financial Services 0.6%** | **Financial Services 0.6%** |
| Essent Group Ltd. | &nbsp;&nbsp; 34421 | &nbsp;&nbsp; 2237709 |
| **Insurance 1.1%** | **Insurance 1.1%** | **Insurance 1.1%** |
| Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp; 12036 | &nbsp;&nbsp; 2199819 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp; 28631 | &nbsp;&nbsp; 2395556 |
| Total |  | &nbsp;&nbsp; 4595375 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **92095430** |
| **Health Care 6.5%** | **Health Care 6.5%** | **Health Care 6.5%** |
| **Biotechnology 0.9%** | **Biotechnology 0.9%** | **Biotechnology 0.9%** |
| ADMA Biologics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 71923 | &nbsp;&nbsp; 1311876 |
| Galapagos NV, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 45889 | &nbsp;&nbsp; 1500570 |
| Geron Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 649870 | &nbsp;&nbsp; 857828 |
| Total |  | &nbsp;&nbsp; 3670274 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Equipment & Supplies 3.7%** | **Health Care Equipment & Supplies 3.7%** | **Health Care Equipment & Supplies 3.7%** |
| Angiodynamics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 122652 | &nbsp;&nbsp; 1574852 |
| Haemonetics Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 25164 | &nbsp;&nbsp; 2016894 |
| ICU Medical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 40299 | &nbsp;&nbsp; 5749458 |
| Lantheus Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41867 | &nbsp;&nbsp; 2786249 |
| QuidelOrtho Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 112303 | &nbsp;&nbsp; 3207374 |
| Total |  | &nbsp;&nbsp; 15334827 |
| **Health Care Providers & Services 1.4%** | **Health Care Providers & Services 1.4%** | **Health Care Providers & Services 1.4%** |
| AdaptHealth Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 352177 | &nbsp;&nbsp; 3507683 |
| NeoGenomics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 196021 | &nbsp;&nbsp; 2305207 |
| Total |  | &nbsp;&nbsp; 5812890 |
| **Pharmaceuticals 0.5%** | **Pharmaceuticals 0.5%** | **Pharmaceuticals 0.5%** |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 25553 | &nbsp;&nbsp; 2017154 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **26835145** |
| **Industrials 22.2%** | **Industrials 22.2%** | **Industrials 22.2%** |
| **Aerospace & Defense 2.0%** | **Aerospace & Defense 2.0%** | **Aerospace & Defense 2.0%** |
| AAR Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14321 | &nbsp;&nbsp; 1185636 |
| Mercury Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 65056 | &nbsp;&nbsp; 4749738 |
| V2X, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37987 | &nbsp;&nbsp; 2072191 |
| Total |  | &nbsp;&nbsp; 8007565 |
| **Air Freight & Logistics 0.8%** | **Air Freight & Logistics 0.8%** | **Air Freight & Logistics 0.8%** |
| GXO Logistics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24419 | &nbsp;&nbsp; 1285416 |
| HUB Group, Inc., Class A | &nbsp;&nbsp; 50430 | &nbsp;&nbsp; 2148822 |
| Total |  | &nbsp;&nbsp; 3434238 |
| **Building Products 4.3%** | **Building Products 4.3%** | **Building Products 4.3%** |
| Apogee Enterprises, Inc. | &nbsp;&nbsp; 74749 | &nbsp;&nbsp; 2721611 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp; 9720 | &nbsp;&nbsp; 1857492 |
| AZZ, Inc. | &nbsp;&nbsp; 35908 | &nbsp;&nbsp; 3848619 |
| Gibraltar Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26086 | &nbsp;&nbsp; 1289692 |
| Hayward Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 147102 | &nbsp;&nbsp; 2272726 |
| Janus International Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 211352 | &nbsp;&nbsp; 1382242 |
| Modine Manufacturing Co.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10277 | &nbsp;&nbsp; 1372082 |
| Quanex Building Products Corp. | &nbsp;&nbsp; 100557 | &nbsp;&nbsp; 1546567 |
| Tecnoglass, Inc. | &nbsp;&nbsp; 28021 | &nbsp;&nbsp; 1410017 |
| Total |  | &nbsp;&nbsp; 17701048 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Commercial Services & Supplies 1.2%** | **Commercial Services & Supplies 1.2%** | **Commercial Services & Supplies 1.2%** |
| ABM Industries, Inc. | &nbsp;&nbsp; 37803 | &nbsp;&nbsp; 1599067 |
| Brady Corp., Class A | &nbsp;&nbsp; 28420 | &nbsp;&nbsp; 2227275 |
| OPENLANE, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 41192 | &nbsp;&nbsp; 1226698 |
| Total |  | &nbsp;&nbsp; 5053040 |
| **Construction & Engineering 2.4%** | **Construction & Engineering 2.4%** | **Construction & Engineering 2.4%** |
| Centuri Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 64586 | &nbsp;&nbsp; 1630797 |
| Granite Construction, Inc. | &nbsp;&nbsp; 17087 | &nbsp;&nbsp; 1970985 |
| Valmont Industries, Inc. | &nbsp;&nbsp; 15697 | &nbsp;&nbsp; 6315217 |
| Total |  | &nbsp;&nbsp; 9916999 |
| **Electrical Equipment 1.7%** | **Electrical Equipment 1.7%** | **Electrical Equipment 1.7%** |
| EnerSys | &nbsp;&nbsp; 28453 | &nbsp;&nbsp; 4175478 |
| Thermon<sup>(a)</sup> <br>| &nbsp;&nbsp; 71502 | &nbsp;&nbsp; 2657014 |
| Total |  | &nbsp;&nbsp; 6832492 |
| **Ground Transportation 0.8%** | **Ground Transportation 0.8%** | **Ground Transportation 0.8%** |
| ArcBest Corp. | &nbsp;&nbsp; 15009 | &nbsp;&nbsp; 1113518 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 43442 | &nbsp;&nbsp; 2271148 |
| Total |  | &nbsp;&nbsp; 3384666 |
| **Machinery 4.3%** | **Machinery 4.3%** | **Machinery 4.3%** |
| Albany International Corp., Class A | &nbsp;&nbsp; 38787 | &nbsp;&nbsp; 1966501 |
| Astec Industries, Inc. | &nbsp;&nbsp; 17625 | &nbsp;&nbsp; 763515 |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp; 54439 | &nbsp;&nbsp; 2825929 |
| Columbus McKinnon Corp. | &nbsp;&nbsp; 50993 | &nbsp;&nbsp; 879629 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp; 28769 | &nbsp;&nbsp; 1100127 |
| ESCO Technologies, Inc. | &nbsp;&nbsp; 7870 | &nbsp;&nbsp; 1537719 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp; 27313 | &nbsp;&nbsp; 2609211 |
| REV Group, Inc. | &nbsp;&nbsp; 55551 | &nbsp;&nbsp; 3378056 |
| Timken Co. (The) | &nbsp;&nbsp; 28349 | &nbsp;&nbsp; 2385001 |
| Total |  | &nbsp;&nbsp; 17445688 |
| **Marine Transportation 1.0%** | **Marine Transportation 1.0%** | **Marine Transportation 1.0%** |
| Kirby Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24165 | &nbsp;&nbsp; 2662500 |
| Matson, Inc. | &nbsp;&nbsp; 12911 | &nbsp;&nbsp; 1595154 |
| Total |  | &nbsp;&nbsp; 4257654 |
| **Passenger Airlines 0.5%** | **Passenger Airlines 0.5%** | **Passenger Airlines 0.5%** |
| Alaska Air Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42470 | &nbsp;&nbsp; 2136241 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Professional Services 2.6%** | **Professional Services 2.6%** | **Professional Services 2.6%** |
| Huron Consulting Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15664 | &nbsp;&nbsp; 2708462 |
| Korn/Ferry International | &nbsp;&nbsp; 33194 | &nbsp;&nbsp; 2191468 |
| MAXIMUS, Inc. | &nbsp;&nbsp; 25062 | &nbsp;&nbsp; 2163352 |
| TriNet Group, Inc. | &nbsp;&nbsp; 32302 | &nbsp;&nbsp; 1910017 |
| Verra Mobility Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 64706 | &nbsp;&nbsp; 1450062 |
| Total |  | &nbsp;&nbsp; 10423361 |
| **Trading Companies & Distributors 0.6%** | **Trading Companies & Distributors 0.6%** | **Trading Companies & Distributors 0.6%** |
| Air Lease Corp. | &nbsp;&nbsp; 11053 | &nbsp;&nbsp; 709934 |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp; 18433 | &nbsp;&nbsp; 994276 |
| Titan Machinery, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 56204 | &nbsp;&nbsp; 845308 |
| Total |  | &nbsp;&nbsp; 2549518 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **91142510** |
| **Information Technology 13.9%** | **Information Technology 13.9%** | **Information Technology 13.9%** |
| **Communications Equipment 1.5%** | **Communications Equipment 1.5%** | **Communications Equipment 1.5%** |
| ADTRAN Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 199616 | &nbsp;&nbsp; 1734663 |
| Extreme Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 119352 | &nbsp;&nbsp; 1987211 |
| Viavi Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 149271 | &nbsp;&nbsp; 2660009 |
| Total |  | &nbsp;&nbsp; 6381883 |
| **Electronic Equipment, Instruments & Components 5.9%** | **Electronic Equipment, Instruments & Components 5.9%** | **Electronic Equipment, Instruments & Components 5.9%** |
| Avnet, Inc. | &nbsp;&nbsp; 43053 | &nbsp;&nbsp; 2069988 |
| Belden, Inc. | &nbsp;&nbsp; 44056 | &nbsp;&nbsp; 5134727 |
| Frequency Electronics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31280 | &nbsp;&nbsp; 1684115 |
| IPG Photonics Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 38773 | &nbsp;&nbsp; 2776147 |
| Knowles Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 99461 | &nbsp;&nbsp; 2131449 |
| Littelfuse, Inc. | &nbsp;&nbsp; 15514 | &nbsp;&nbsp; 3923801 |
| Rogers Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 13531 | &nbsp;&nbsp; 1239034 |
| Sanmina Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18492 | &nbsp;&nbsp; 2775094 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp; 127554 | &nbsp;&nbsp; 1848257 |
| Vishay Precision Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15415 | &nbsp;&nbsp; 593478 |
| Total |  | &nbsp;&nbsp; 24176090 |
| **Semiconductors & Semiconductor Equipment 5.2%** | **Semiconductors & Semiconductor Equipment 5.2%** | **Semiconductors & Semiconductor Equipment 5.2%** |
| Allegro MicroSystems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 84509 | &nbsp;&nbsp; 2229348 |
| Ambarella, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 18285 | &nbsp;&nbsp; 1295309 |
| Amkor Technology, Inc. | &nbsp;&nbsp; 36538 | &nbsp;&nbsp; 1442520 |
| Axcelis Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10283 | &nbsp;&nbsp; 826136 |
| Cohu, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 49226 | &nbsp;&nbsp; 1145489 |
| Diodes, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37801 | &nbsp;&nbsp; 1865101 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp; 50911 | &nbsp;&nbsp; 2319505 |
| Onto Innovation, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16930 | &nbsp;&nbsp; 2672570 |
| Synaptics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 21127 | &nbsp;&nbsp; 1563821 |
| Tower Semiconductor Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 30256 | &nbsp;&nbsp; 3552660 |
| Universal Display Corp. | &nbsp;&nbsp; 13749 | &nbsp;&nbsp; 1605608 |
| Veeco Instruments, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 32701 | &nbsp;&nbsp; 934595 |
| Total |  | &nbsp;&nbsp; 21452662 |
| **Software 1.3%** | **Software 1.3%** | **Software 1.3%** |
| Core Scientific, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 122060 | &nbsp;&nbsp; 1777194 |
| Progress Software Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 61346 | &nbsp;&nbsp; 2635424 |
| Riot Platforms, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 61667 | &nbsp;&nbsp; 781321 |
| Total |  | &nbsp;&nbsp; 5193939 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **57204574** |
| **Materials 7.9%** | **Materials 7.9%** | **Materials 7.9%** |
| **Chemicals 2.8%** | **Chemicals 2.8%** | **Chemicals 2.8%** |
| Ecovyst, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 220079 | &nbsp;&nbsp; 2141369 |
| Element Solutions, Inc. | &nbsp;&nbsp; 81764 | &nbsp;&nbsp; 2043282 |
| Ingevity Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 85707 | &nbsp;&nbsp; 5072140 |
| Sensient Technologies Corp. | &nbsp;&nbsp; 24202 | &nbsp;&nbsp; 2273778 |
| Total |  | &nbsp;&nbsp; 11530569 |
| **Construction Materials 0.3%** | **Construction Materials 0.3%** | **Construction Materials 0.3%** |
| Eagle Materials, Inc. | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; 1295677 |
| **Containers & Packaging 2.1%** | **Containers & Packaging 2.1%** | **Containers & Packaging 2.1%** |
| Greif, Inc., Class A | &nbsp;&nbsp; 23002 | &nbsp;&nbsp; 1557236 |
| O-I Glass, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 226616 | &nbsp;&nbsp; 3344852 |
| Silgan Holdings, Inc. | &nbsp;&nbsp; 92030 | &nbsp;&nbsp; 3715251 |
| Total |  | &nbsp;&nbsp; 8617339 |
| **Metals & Mining 2.7%** | **Metals & Mining 2.7%** | **Metals & Mining 2.7%** |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 106825 | &nbsp;&nbsp; 4121308 |
| Almonty Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 100310 | &nbsp;&nbsp; 883731 |
| Commercial Metals Co. | &nbsp;&nbsp; 41304 | &nbsp;&nbsp; 2859063 |
| IAMGOLD Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 98544 | &nbsp;&nbsp; 1624991 |
| MP Materials Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29739 | &nbsp;&nbsp; 1502414 |
| Total |  | &nbsp;&nbsp; 10991507 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **32435092** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 5.9%** | **Real Estate 5.9%** | **Real Estate 5.9%** |
| **Health Care REITs 1.5%** | **Health Care REITs 1.5%** | **Health Care REITs 1.5%** |
| CareTrust REIT, Inc. | &nbsp;&nbsp; 115394 | &nbsp;&nbsp; 4172647 |
| Sila Realty Trust, Inc. | &nbsp;&nbsp; 78960 | &nbsp;&nbsp; 1840558 |
| Total |  | &nbsp;&nbsp; 6013205 |
| **Hotel & Resort REITs 0.3%** | **Hotel & Resort REITs 0.3%** | **Hotel & Resort REITs 0.3%** |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp; 144929 | &nbsp;&nbsp; 1295665 |
| **Industrial REITs 1.4%** | **Industrial REITs 1.4%** | **Industrial REITs 1.4%** |
| LXP Industrial Trust | &nbsp;&nbsp; 48712 | &nbsp;&nbsp; 2415141 |
| STAG Industrial, Inc. | &nbsp;&nbsp; 55893 | &nbsp;&nbsp; 2054627 |
| Terreno Realty Corp. | &nbsp;&nbsp; 21307 | &nbsp;&nbsp; 1250934 |
| Total |  | &nbsp;&nbsp; 5720702 |
| **Office REITs 0.5%** | **Office REITs 0.5%** | **Office REITs 0.5%** |
| Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp; 304268 | &nbsp;&nbsp; 1983827 |
| **Residential REITs 0.8%** | **Residential REITs 0.8%** | **Residential REITs 0.8%** |
| Elme Communities | &nbsp;&nbsp; 116998 | &nbsp;&nbsp; 2035765 |
| UMH Properties, Inc. | &nbsp;&nbsp; 91392 | &nbsp;&nbsp; 1454047 |
| Total |  | &nbsp;&nbsp; 3489812 |
| **Retail REITs 0.9%** | **Retail REITs 0.9%** | **Retail REITs 0.9%** |
| Kite Realty Group Trust | &nbsp;&nbsp; 102732 | &nbsp;&nbsp; 2462486 |
| NetSTREIT Corp. | &nbsp;&nbsp; 82874 | &nbsp;&nbsp; 1461897 |
| Total |  | &nbsp;&nbsp; 3924383 |
| **Specialized REITs 0.5%** | **Specialized REITs 0.5%** | **Specialized REITs 0.5%** |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp; 84420 | &nbsp;&nbsp; 1946725 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **24374319** |
| **Utilities 3.6%** | **Utilities 3.6%** | **Utilities 3.6%** |
| **Electric Utilities 1.7%** | **Electric Utilities 1.7%** | **Electric Utilities 1.7%** |
| IDACORP, Inc. | &nbsp;&nbsp; 17723 | &nbsp;&nbsp; 2243023 |
| OGE Energy Corp. | &nbsp;&nbsp; 41091 | &nbsp;&nbsp; 1754586 |
| TXNM Energy, Inc. | &nbsp;&nbsp; 46233 | &nbsp;&nbsp; 2722199 |
| Total |  | &nbsp;&nbsp; 6719808 |
| **Gas Utilities 1.4%** | **Gas Utilities 1.4%** | **Gas Utilities 1.4%** |
| New Jersey Resources Corp. | &nbsp;&nbsp; 27166 | &nbsp;&nbsp; 1252896 |
| Northwest Natural Holding Co. | &nbsp;&nbsp; 46399 | &nbsp;&nbsp; 2168689 |
| Spire, Inc. | &nbsp;&nbsp; 27334 | &nbsp;&nbsp; 2260522 |
| Total |  | &nbsp;&nbsp; 5682107 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Multi-Utilities 0.5%** | **Multi-Utilities 0.5%** | **Multi-Utilities 0.5%** |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp; 33286 | &nbsp;&nbsp; 2148278 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **14550193** |
| Total Common Stocks <br>(Cost $353,200,657) | Total Common Stocks <br>(Cost $353,200,657) | &nbsp;&nbsp; **398215382** |
| **Rights 0.0%** | **Rights 0.0%** | **Rights 0.0%** |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| **Biotechnology 0.0%** | **Biotechnology 0.0%** | **Biotechnology 0.0%** |
| Aduro Biotech CVR<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 4550 | &nbsp;&nbsp; 2230 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2230** |
| Total Rights <br>(Cost $—) | Total Rights <br>(Cost $—) | &nbsp;&nbsp; **2230** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(e),(f)</sup> <br>| &nbsp;&nbsp; 12649427 | &nbsp;&nbsp; 12645632 |
| Total Money Market Funds <br>(Cost $12,645,665) | Total Money Market Funds <br>(Cost $12,645,665) | &nbsp;&nbsp; **12645632** |
| **Total Investments in Securities** <br>**(Cost: $365,846,322)** | **Total Investments in Securities** <br>**(Cost: $365,846,322)** | &nbsp;&nbsp; **410863244** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(501272)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **410361972** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2025, the total value of these securities amounted to $2,230, which represents less than 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At December 31, 2025, the total market value of these securities amounted to $2,230, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Aduro Biotech CVR | 10/21/2021 | &nbsp;&nbsp; 4550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2230 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 5751113 | &nbsp;&nbsp; 86225181 | &nbsp;&nbsp; (79330597)<br>| &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; 12645632 | &nbsp;&nbsp; (277)<br>| &nbsp;&nbsp; 444131 | &nbsp;&nbsp; 12649427 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt <br> CVR Contingent Value Rights

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 3692626 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3692626 |
| Consumer Discretionary | 36951532 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36951532 |
| Consumer Staples | 1768030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1768030 |
| Energy | 17165931 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17165931 |
| Financials | 92095430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92095430 |
| Health Care | 26835145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26835145 |
| Industrials | 91142510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91142510 |
| Information Technology | 57204574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57204574 |
| Materials | 32435092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32435092 |
| Real Estate | 24374319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24374319 |
| Utilities | 14550193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14550193 |
| Total Common Stocks | 398215382 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 398215382 |
| Rights |  |  |  |  |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2230 | &nbsp;&nbsp;&nbsp;&nbsp; 2230 |
| Total Rights |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2230 | &nbsp;&nbsp;&nbsp;&nbsp; 2230 |
| Money Market Funds | 12645632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12645632 |
| Total Investments in Securities | 410861014 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2230 | &nbsp;&nbsp;&nbsp;&nbsp; 410863244 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $353,200,657) | $398217612 |
| Affiliated issuers (cost $12,645,665) | 12645632 |
| Receivable for: |  |
| Capital shares sold | 401 |
| Dividends | 489858 |
| Foreign tax reclaims | 585 |
| Expense reimbursement due from Investment Manager | 761 |
| Prepaid expenses | 3998 |
| Total assets | 411358847 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 349522 |
| Capital shares redeemed | 398352 |
| Management services fees | 9889 |
| Distribution and/or service fees | 321 |
| Service fees | 4155 |
| Compensation of chief compliance officer | 67 |
| Compensation of board members | 618 |
| Other expenses | 25726 |
| Deferred compensation of board members | 208225 |
| Total liabilities | 996875 |
| **Net assets applicable to outstanding capital stock** | **$410361972** |
| **Represented by** |  |
| Trust capital | $410361972 |
| **Total - representing net assets applicable to outstanding capital stock** | **$410361972** |
| **Class 1** |  |
| Net assets | $330499432 |
| Shares outstanding | 7832449 |
| Net asset value per share | $42.20 |
| **Class 2** |  |
| Net assets | $12938464 |
| Shares outstanding | 318916 |
| Net asset value per share | $40.57 |
| **Class 3** |  |
| Net assets | $66924076 |
| Shares outstanding | 1618619 |
| Net asset value per share | $41.35 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $6188384 |
| Dividends — affiliated issuers | 444131 |
| Foreign taxes withheld | (10357)<br>|
| Total income | 6622158 |
| Expenses: |  |
| Management services fees | 3489096 |
| Distribution and/or service fees |  |
| Class 2 | 31239 |
| Class 3 | 81536 |
| Service fees | 47803 |
| Custodian fees | 9119 |
| Printing and postage fees | 17177 |
| Accounting services fees | 32423 |
| Legal fees | 24024 |
| Compensation of chief compliance officer | 63 |
| Compensation of board members | 15269 |
| Deferred compensation of board members | 31435 |
| Other | 13080 |
| Total expenses | 3792264 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (368211)<br>|
| Total net expenses | 3424053 |
| **Net investment income** | 3198105 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (8086046)<br>|
| Investments — affiliated issuers | (277)<br>|
| Net realized loss | (8086323)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 34409236 |
| Investments — affiliated issuers | (65)<br>|
| Net change in unrealized appreciation (depreciation) | 34409171 |
| Net realized and unrealized gain | 26322848 |
| **Net increase in net assets resulting from operations** | **$29520953** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $3198105 | &nbsp;&nbsp; $5169174 |
| Net realized gain (loss) | (8086323)<br>| &nbsp;&nbsp; 23769773 |
| Net change in unrealized appreciation (depreciation) | 34409171 | &nbsp;&nbsp; 9858681 |
| Net increase in net assets resulting from operations | 29520953 | &nbsp;&nbsp; 38797628 |
| Decrease in net assets from capital stock activity | (33250338)<br>| &nbsp;&nbsp; (229540758)<br>|
| Total decrease in net assets | (3729385)<br>| &nbsp;&nbsp; (190743130)<br>|
| Net assets at beginning of year | 414091357 | &nbsp;&nbsp; 604834487 |
| **Net assets at end of year** | **$410361972** | &nbsp;&nbsp; **$414091357** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 39044 | &nbsp;&nbsp;&nbsp;&nbsp; 1470018 | &nbsp;&nbsp;&nbsp;&nbsp; 322908 | &nbsp;&nbsp;&nbsp;&nbsp; 13190292 |
| Shares redeemed | (624095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26095381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6125105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (232461171)<br>|
| Net decrease | (585051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24625363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5802197)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (219270879)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 34898 | &nbsp;&nbsp;&nbsp;&nbsp; 1290354 | &nbsp;&nbsp;&nbsp;&nbsp; 27763 | &nbsp;&nbsp;&nbsp;&nbsp; 997833 |
| Shares redeemed | (72239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2676545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1835119)<br>|
| Net decrease | (37341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1386191)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23543)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (837286)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 38091 | &nbsp;&nbsp;&nbsp;&nbsp; 1386530 | &nbsp;&nbsp;&nbsp;&nbsp; 14262 | &nbsp;&nbsp;&nbsp;&nbsp; 521917 |
| Shares redeemed | (226170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8625314)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (268868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9954510)<br>|
| Net decrease | (188079)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7238784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (254606)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9432593)<br>|
| **Total net decrease** | **(810471)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(33250338)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(6080346)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(229540758)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $39.31<br>| 0.32<br>| 2.57<br>| 2.89<br>|
| Year Ended 12/31/2024 | $36.41<br>| 0.39<br>| 2.51<br>| 2.90<br>|
| Year Ended 12/31/2023 | $32.69<br>| 0.37<br>| 3.35<br>| 3.72<br>|
| Year Ended 12/31/2022 | $37.55<br>| 0.19<br>| &nbsp;&nbsp; (5.05) <br>| &nbsp;&nbsp; (4.86) <br>|
| Year Ended 12/31/2021 | $30.28<br>| 0.12<br>| 7.15<br>| 7.27<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $37.89<br>| 0.21<br>| 2.47<br>| 2.68<br>|
| Year Ended 12/31/2024 | $35.18<br>| 0.28<br>| 2.43<br>| 2.71<br>|
| Year Ended 12/31/2023 | $31.67<br>| 0.28<br>| 3.23<br>| 3.51<br>|
| Year Ended 12/31/2022 | $36.47<br>| 0.11<br>| &nbsp;&nbsp; (4.91) <br>| &nbsp;&nbsp; (4.80) <br>|
| Year Ended 12/31/2021 | $29.47<br>| 0.03<br>| 6.97<br>| 7.00<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $38.57<br>| 0.27<br>| 2.51<br>| 2.78<br>|
| Year Ended 12/31/2024 | $35.77<br>| 0.33<br>| 2.47<br>| 2.80<br>|
| Year Ended 12/31/2023 | $32.15<br>| 0.32<br>| 3.30<br>| 3.62<br>|
| Year Ended 12/31/2022 | $36.98<br>| 0.15<br>| &nbsp;&nbsp; (4.98) <br>| &nbsp;&nbsp; (4.83) <br>|
| Year Ended 12/31/2021 | $29.85<br>| 0.07<br>| 7.06<br>| 7.13<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $42.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $330499<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $39.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $330910<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $36.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $517746<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $32.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.94%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $509055<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $37.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 104%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $651132<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $40.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12938<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $37.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13499<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $35.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13363<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $31.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.16%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12363<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 104%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13159<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $41.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66924<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $38.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $69682<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $35.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73725<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $32.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.06%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $72319<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 104%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $92957<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Variable Portfolio – Partners Small Cap Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.87% of the Fund's average daily net assets.

**Subadvisory agreements** 

The Investment Manager has entered into Subadvisory Agreements with Segall Bryant & Hamill, LLC and William Blair Investment Management, LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.01% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.935 |

---

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $142,424,367 and $178,273,652, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners Small Cap Value Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners Small Cap Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Partners Small Cap Value Fund \| 2025

------

**Variable Portfolio – Partners Small Cap Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgac4c3a522.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7058_12_E01_(02/26)

------

![](g245812img49a9559d1.jpg)

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_68127738-7ef0-4824-8e99-732e3e1991e4_POI-CommonContent-Date-331_1) | 3 |
| [Statement of Assets and Liabilities](#xx_68127738-7ef0-4824-8e99-732e3e1991e4_FS-CommonContent-Date-331_1) | 7 |
| [Statement of Operations](#xx_68127738-7ef0-4824-8e99-732e3e1991e4_FS-CommonContent-Date-331_2) | 8 |
| [Statement of Changes in Net Assets](#xx_68127738-7ef0-4824-8e99-732e3e1991e4_FS-CommonContent-Date-331_3) | 9 |
| [Financial Highlights](#xx_68127738-7ef0-4824-8e99-732e3e1991e4_FIHI-CommonContent-Date-331_1) | 10 |
| [Notes to Financial Statements](#xx_68127738-7ef0-4824-8e99-732e3e1991e4_NTF-CommonContent-Date-331_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_68127738-7ef0-4824-8e99-732e3e1991e4_AUD-CommonContent-Date-331_1) | 19 |

---

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 96.8%** | **Common Stocks 96.8%** | **Common Stocks 96.8%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Discretionary 11.8%** | **Consumer Discretionary 11.8%** | **Consumer Discretionary 11.8%** |
| **Automobile Components 1.3%** | **Automobile Components 1.3%** | **Automobile Components 1.3%** |
| BorgWarner, Inc. | &nbsp;&nbsp; 114300 | &nbsp;&nbsp; 5150358 |
| **Hotels, Restaurants & Leisure 3.5%** | **Hotels, Restaurants & Leisure 3.5%** | **Hotels, Restaurants & Leisure 3.5%** |
| Expedia Group, Inc. | &nbsp;&nbsp; 25400 | &nbsp;&nbsp; 7196074 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 2929950 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 3585600 |
| Total |  | &nbsp;&nbsp; 13711624 |
| **Household Durables 1.2%** | **Household Durables 1.2%** | **Household Durables 1.2%** |
| TopBuild Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11600 | &nbsp;&nbsp; 4839404 |
| **Specialty Retail 5.8%** | **Specialty Retail 5.8%** | **Specialty Retail 5.8%** |
| AutoZone, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 4917675 |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 6656016 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp; 26800 | &nbsp;&nbsp; 4242172 |
| Tractor Supply Co. | &nbsp;&nbsp; 81900 | &nbsp;&nbsp; 4095819 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 15700 | &nbsp;&nbsp; 2803863 |
| Total |  | &nbsp;&nbsp; 22715545 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **46416931** |
| **Consumer Staples 7.1%** | **Consumer Staples 7.1%** | **Consumer Staples 7.1%** |
| **Consumer Staples Distribution & Retail 4.6%** | **Consumer Staples Distribution & Retail 4.6%** | **Consumer Staples Distribution & Retail 4.6%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp; 10550 | &nbsp;&nbsp; 5831090 |
| Performance Food Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 71500 | &nbsp;&nbsp; 6429280 |
| U.S. Foods Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 75400 | &nbsp;&nbsp; 5679128 |
| Total |  | &nbsp;&nbsp; 17939498 |
| **Food Products 1.2%** | **Food Products 1.2%** | **Food Products 1.2%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 84900 | &nbsp;&nbsp; 4880901 |
| **Personal Care Products 1.3%** | **Personal Care Products 1.3%** | **Personal Care Products 1.3%** |
| Estee Lauder Companies, Inc. (The), Class A | &nbsp;&nbsp; 47800 | &nbsp;&nbsp; 5005616 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **27826015** |
| **Energy 5.9%** | **Energy 5.9%** | **Energy 5.9%** |
| **Energy Equipment & Services 1.2%** | **Energy Equipment & Services 1.2%** | **Energy Equipment & Services 1.2%** |
| Baker Hughes Co. | &nbsp;&nbsp; 104500 | &nbsp;&nbsp; 4758930 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Oil, Gas & Consumable Fuels 4.7%** | **Oil, Gas & Consumable Fuels 4.7%** | **Oil, Gas & Consumable Fuels 4.7%** |
| Chord Energy Corp. | &nbsp;&nbsp; 33000 | &nbsp;&nbsp; 3059100 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 228700 | &nbsp;&nbsp; 6019384 |
| Devon Energy Corp. | &nbsp;&nbsp; 146800 | &nbsp;&nbsp; 5377284 |
| Expand Energy Corp. | &nbsp;&nbsp; 36800 | &nbsp;&nbsp; 4061248 |
| Total |  | &nbsp;&nbsp; 18517016 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **23275946** |
| **Financials 13.0%** | **Financials 13.0%** | **Financials 13.0%** |
| **Banks 3.4%** | **Banks 3.4%** | **Banks 3.4%** |
| Huntington Bancshares, Inc. | &nbsp;&nbsp; 374100 | &nbsp;&nbsp; 6490635 |
| Truist Financial Corp. | &nbsp;&nbsp; 141400 | &nbsp;&nbsp; 6958294 |
| Total |  | &nbsp;&nbsp; 13448929 |
| **Capital Markets 1.7%** | **Capital Markets 1.7%** | **Capital Markets 1.7%** |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 6423600 |
| **Insurance 7.9%** | **Insurance 7.9%** | **Insurance 7.9%** |
| American Financial Group, Inc. | &nbsp;&nbsp; 48500 | &nbsp;&nbsp; 6628980 |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 160482 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp; 71000 | &nbsp;&nbsp; 3875890 |
| Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp; 51200 | &nbsp;&nbsp; 7055360 |
| Old Republic International Corp. | &nbsp;&nbsp; 133700 | &nbsp;&nbsp; 6102068 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 22200 | &nbsp;&nbsp; 7294920 |
| Total |  | &nbsp;&nbsp; 31117700 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **50990229** |
| **Health Care 8.2%** | **Health Care 8.2%** | **Health Care 8.2%** |
| **Health Care Equipment & Supplies 1.9%** | **Health Care Equipment & Supplies 1.9%** | **Health Care Equipment & Supplies 1.9%** |
| Hologic, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 100200 | &nbsp;&nbsp; 7463898 |
| **Health Care Providers & Services 4.6%** | **Health Care Providers & Services 4.6%** | **Health Care Providers & Services 4.6%** |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 29900 | &nbsp;&nbsp; 7501312 |
| Molina Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 25600 | &nbsp;&nbsp; 4442624 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 36400 | &nbsp;&nbsp; 6316492 |
| Total |  | &nbsp;&nbsp; 18260428 |
| **Life Sciences Tools & Services 1.7%** | **Life Sciences Tools & Services 1.7%** | **Life Sciences Tools & Services 1.7%** |
| IQVIA Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29400 | &nbsp;&nbsp; 6627054 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **32351380** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Industrials 18.7%** | **Industrials 18.7%** | **Industrials 18.7%** |
| **Aerospace & Defense 3.2%** | **Aerospace & Defense 3.2%** | **Aerospace & Defense 3.2%** |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 19100 | &nbsp;&nbsp; 5607187 |
| StandardAero, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 92400 | &nbsp;&nbsp; 2650032 |
| Textron, Inc. | &nbsp;&nbsp; 47500 | &nbsp;&nbsp; 4140575 |
| Total |  | &nbsp;&nbsp; 12397794 |
| **Building Products 1.6%** | **Building Products 1.6%** | **Building Products 1.6%** |
| Builders FirstSource, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26400 | &nbsp;&nbsp; 2716296 |
| Carrier Global Corp. | &nbsp;&nbsp; 70900 | &nbsp;&nbsp; 3746356 |
| Total |  | &nbsp;&nbsp; 6462652 |
| **Commercial Services & Supplies 1.0%** | **Commercial Services & Supplies 1.0%** | **Commercial Services & Supplies 1.0%** |
| Republic Services, Inc. | &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 3878319 |
| **Electrical Equipment 2.3%** | **Electrical Equipment 2.3%** | **Electrical Equipment 2.3%** |
| Hubbell, Inc. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 5329320 |
| Regal Rexnord Corp. | &nbsp;&nbsp; 27800 | &nbsp;&nbsp; 3900896 |
| Total |  | &nbsp;&nbsp; 9230216 |
| **Ground Transportation 3.9%** | **Ground Transportation 3.9%** | **Ground Transportation 3.9%** |
| CSX Corp. | &nbsp;&nbsp; 187300 | &nbsp;&nbsp; 6789625 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 108200 | &nbsp;&nbsp; 5656696 |
| Landstar System, Inc. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 2931480 |
| Total |  | &nbsp;&nbsp; 15377801 |
| **Machinery 5.4%** | **Machinery 5.4%** | **Machinery 5.4%** |
| AGCO Corp. | &nbsp;&nbsp; 36100 | &nbsp;&nbsp; 3765952 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 7189200 |
| Middleby Corp. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 22700 | &nbsp;&nbsp; 3374809 |
| Xylem, Inc. | &nbsp;&nbsp; 49400 | &nbsp;&nbsp; 6727292 |
| Total |  | &nbsp;&nbsp; 21057253 |
| **Professional Services 1.3%** | **Professional Services 1.3%** | **Professional Services 1.3%** |
| FTI Consulting, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29500 | &nbsp;&nbsp; 5039485 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **73443520** |
| **Information Technology 9.9%** | **Information Technology 9.9%** | **Information Technology 9.9%** |
| **Electronic Equipment, Instruments & Components 4.3%** | **Electronic Equipment, Instruments & Components 4.3%** | **Electronic Equipment, Instruments & Components 4.3%** |
| Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 34800 | &nbsp;&nbsp; 7071012 |
| Trimble Navigation Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 6659750 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 3302352 |
| Total |  | &nbsp;&nbsp; 17033114 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **IT Services 1.1%** | **IT Services 1.1%** | **IT Services 1.1%** |
| Akamai Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47100 | &nbsp;&nbsp; 4109475 |
| **Semiconductors & Semiconductor Equipment 3.3%** | **Semiconductors & Semiconductor Equipment 3.3%** | **Semiconductors & Semiconductor Equipment 3.3%** |
| Microchip Technology, Inc. | &nbsp;&nbsp; 98900 | &nbsp;&nbsp; 6301908 |
| MKS, Inc. | &nbsp;&nbsp; 41700 | &nbsp;&nbsp; 6663660 |
| Total |  | &nbsp;&nbsp; 12965568 |
| **Software 1.2%** | **Software 1.2%** | **Software 1.2%** |
| Check Point Software Technologies Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26200 | &nbsp;&nbsp; 4861672 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **38969829** |
| **Materials 10.1%** | **Materials 10.1%** | **Materials 10.1%** |
| **Chemicals 3.2%** | **Chemicals 3.2%** | **Chemicals 3.2%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 61000 | &nbsp;&nbsp; 4717740 |
| RPM International, Inc. | &nbsp;&nbsp; 61200 | &nbsp;&nbsp; 6364800 |
| Westlake Corp. | &nbsp;&nbsp; 20200 | &nbsp;&nbsp; 1493588 |
| Total |  | &nbsp;&nbsp; 12576128 |
| **Containers & Packaging 4.3%** | **Containers & Packaging 4.3%** | **Containers & Packaging 4.3%** |
| AptarGroup, Inc. | &nbsp;&nbsp; 41200 | &nbsp;&nbsp; 5024752 |
| Crown Holdings, Inc. | &nbsp;&nbsp; 38700 | &nbsp;&nbsp; 3984939 |
| Packaging Corp. of America | &nbsp;&nbsp; 39900 | &nbsp;&nbsp; 8228577 |
| Total |  | &nbsp;&nbsp; 17238268 |
| **Metals & Mining 2.6%** | **Metals & Mining 2.6%** | **Metals & Mining 2.6%** |
| Franco-Nevada Corp. | &nbsp;&nbsp; 21700 | &nbsp;&nbsp; 4497976 |
| Steel Dynamics, Inc. | &nbsp;&nbsp; 33400 | &nbsp;&nbsp; 5659630 |
| Total |  | &nbsp;&nbsp; 10157606 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **39972002** |
| **Real Estate 6.5%** | **Real Estate 6.5%** | **Real Estate 6.5%** |
| **Residential REITs 3.0%** | **Residential REITs 3.0%** | **Residential REITs 3.0%** |
| Camden Property Trust | &nbsp;&nbsp; 47000 | &nbsp;&nbsp; 5173760 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 111200 | &nbsp;&nbsp; 6739832 |
| Total |  | &nbsp;&nbsp; 11913592 |
| **Retail REITs 1.7%** | **Retail REITs 1.7%** | **Retail REITs 1.7%** |
| NNN REIT, Inc. | &nbsp;&nbsp; 168400 | &nbsp;&nbsp; 6673692 |
| **Specialized REITs 1.8%** | **Specialized REITs 1.8%** | **Specialized REITs 1.8%** |
| Lamar Advertising Co., Class A | &nbsp;&nbsp; 56200 | &nbsp;&nbsp; 7113796 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **25701080** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Utilities 5.6%** | **Utilities 5.6%** | **Utilities 5.6%** |
| **Electric Utilities 2.4%** | **Electric Utilities 2.4%** | **Electric Utilities 2.4%** |
| Alliant Energy Corp. | &nbsp;&nbsp; 144500 | &nbsp;&nbsp; 9393945 |
| **Multi-Utilities 1.7%** | **Multi-Utilities 1.7%** | **Multi-Utilities 1.7%** |
| CMS Energy Corp. | &nbsp;&nbsp; 98100 | &nbsp;&nbsp; 6860133 |
| **Water Utilities 1.5%** | **Water Utilities 1.5%** | **Water Utilities 1.5%** |
| American Water Works Co., Inc. | &nbsp;&nbsp; 44800 | &nbsp;&nbsp; 5846400 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **22100478** |
| Total Common Stocks <br>(Cost $340,120,382) | Total Common Stocks <br>(Cost $340,120,382) | &nbsp;&nbsp; **381047410** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 3.2%** | **Money Market Funds 3.2%** | **Money Market Funds 3.2%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 12602300 | &nbsp;&nbsp; 12598519 |
| Total Money Market Funds <br>(Cost $12,598,585) | Total Money Market Funds <br>(Cost $12,598,585) | &nbsp;&nbsp; **12598519** |
| **Total Investments in Securities** <br>**(Cost: $352,718,967)** | **Total Investments in Securities** <br>**(Cost: $352,718,967)** | &nbsp;&nbsp; **393645929** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(141521)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **393504408** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 14713275 | &nbsp;&nbsp; 100882583 | &nbsp;&nbsp; (102997273)<br>| &nbsp;&nbsp; (66)<br>| &nbsp;&nbsp; 12598519 | &nbsp;&nbsp; (861)<br>| &nbsp;&nbsp; 608488 | &nbsp;&nbsp; 12602300 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Consumer Discretionary | 46416931 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46416931 |
| Consumer Staples | 27826015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27826015 |
| Energy | 23275946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23275946 |
| Financials | 50990229 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50990229 |
| Health Care | 32351380 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32351380 |
| Industrials | 73443520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73443520 |
| Information Technology | 38969829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38969829 |
| Materials | 39972002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39972002 |
| Real Estate | 25701080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25701080 |
| Utilities | 22100478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22100478 |
| Total Common Stocks | 381047410 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 381047410 |
| Money Market Funds | 12598519 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12598519 |
| Total Investments in Securities | 393645929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 393645929 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $340,120,382) | $381047410 |
| Affiliated issuers (cost $12,598,585) | 12598519 |
| Receivable for: |  |
| Capital shares sold | 35407 |
| Dividends | 360675 |
| Foreign tax reclaims | 5106 |
| Prepaid expenses | 4014 |
| Total assets | 394051131 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 375166 |
| Management services fees | 8381 |
| Distribution and/or service fees | 814 |
| Service fees | 8730 |
| Compensation of chief compliance officer | 71 |
| Compensation of board members | 632 |
| Other expenses | 28144 |
| Deferred compensation of board members | 124785 |
| Total liabilities | 546723 |
| **Net assets applicable to outstanding capital stock** | **$393504408** |
| **Represented by** |  |
| Trust capital | $393504408 |
| **Total - representing net assets applicable to outstanding capital stock** | **$393504408** |
| **Class 1** |  |
| Net assets | $238925800 |
| Shares outstanding | 4602056 |
| Net asset value per share | $51.92 |
| **Class 2** |  |
| Net assets | $80818152 |
| Shares outstanding | 1617878 |
| Net asset value per share | $49.95 |
| **Class 3** |  |
| Net assets | $73760456 |
| Shares outstanding | 1447577 |
| Net asset value per share | $50.95 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $8045820 |
| Dividends — affiliated issuers | 608488 |
| Interfund lending | 3187 |
| Foreign taxes withheld | (8687)<br>|
| Total income | 8648808 |
| Expenses: |  |
| Management services fees | 3387520 |
| Distribution and/or service fees |  |
| Class 2 | 209882 |
| Class 3 | 99442 |
| Service fees | 108019 |
| Custodian fees | 14098 |
| Printing and postage fees | 14084 |
| Accounting services fees | 32422 |
| Legal fees | 24726 |
| Compensation of chief compliance officer | 69 |
| Compensation of board members | 15683 |
| Deferred compensation of board members | 19215 |
| Other | 12011 |
| Total expenses | 3937171 |
| **Net investment income** | 4711637 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 18142116 |
| Investments — affiliated issuers | (861)<br>|
| Net realized gain | 18141255 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (12619971)<br>|
| Investments — affiliated issuers | (66)<br>|
| Net change in unrealized appreciation (depreciation) | (12620037)<br>|
| Net realized and unrealized gain | 5521218 |
| **Net increase in net assets resulting from operations** | **$10232855** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $4711637 | &nbsp;&nbsp; $4565029 |
| Net realized gain | 18141255 | &nbsp;&nbsp; 52355565 |
| Net change in unrealized appreciation (depreciation) | (12620037)<br>| &nbsp;&nbsp; (13874588)<br>|
| Net increase in net assets resulting from operations | 10232855 | &nbsp;&nbsp; 43046006 |
| Decrease in net assets from capital stock activity | (67422676)<br>| &nbsp;&nbsp; (60452300)<br>|
| Total decrease in net assets | (57189821)<br>| &nbsp;&nbsp; (17406294)<br>|
| Net assets at beginning of year | 450694229 | &nbsp;&nbsp; 468100523 |
| **Net assets at end of year** | **$393504408** | &nbsp;&nbsp; **$450694229** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 92481 | &nbsp;&nbsp;&nbsp;&nbsp; 4670874 | &nbsp;&nbsp;&nbsp;&nbsp; 275657 | &nbsp;&nbsp;&nbsp;&nbsp; 14567119 |
| Shares redeemed | (991514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51953933)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1310400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64359378)<br>|
| Net decrease | (899033)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47283059)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1034743)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49792259)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 90384 | &nbsp;&nbsp;&nbsp;&nbsp; 4388748 | &nbsp;&nbsp;&nbsp;&nbsp; 104035 | &nbsp;&nbsp;&nbsp;&nbsp; 4948446 |
| Shares redeemed | (228128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11237616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (147673)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7077571)<br>|
| Net decrease | (137744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6848868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43638)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2129125)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 24774 | &nbsp;&nbsp;&nbsp;&nbsp; 1211585 | &nbsp;&nbsp;&nbsp;&nbsp; 44906 | &nbsp;&nbsp;&nbsp;&nbsp; 2185091 |
| Shares redeemed | (290416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14502334)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (219769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10716007)<br>|
| Net decrease | (265642)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13290749)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (174863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8530916)<br>|
| **Total net decrease** | **(1302419)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(67422676)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1253244)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(60452300)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $50.76<br>| 0.58<br>| 0.58<br>| 1.16<br>|
| Year Ended 12/31/2024 | $46.19<br>| 0.53<br>| 4.04<br>| 4.57<br>|
| Year Ended 12/31/2023 | $42.02<br>| 0.55<br>| 3.62<br>| 4.17<br>|
| Year Ended 12/31/2022 | $43.21<br>| 0.56<br>| &nbsp;&nbsp; (1.75) <br>| &nbsp;&nbsp; (1.19) <br>|
| Year Ended 12/31/2021 | $32.76<br>| 0.58 <br><sup>(c)</sup><br>| 9.87<br>| 10.45<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $48.97<br>| 0.44<br>| 0.54<br>| 0.98<br>|
| Year Ended 12/31/2024 | $44.67<br>| 0.39<br>| 3.91<br>| 4.30<br>|
| Year Ended 12/31/2023 | $40.73<br>| 0.44<br>| 3.50<br>| 3.94<br>|
| Year Ended 12/31/2022 | $41.99<br>| 0.45<br>| &nbsp;&nbsp; (1.71) <br>| &nbsp;&nbsp; (1.26) <br>|
| Year Ended 12/31/2021 | $31.92<br>| 0.50 <br><sup>(c)</sup><br>| 9.57<br>| 10.07<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $49.89<br>| 0.51<br>| 0.55<br>| 1.06<br>|
| Year Ended 12/31/2024 | $45.45<br>| 0.46<br>| 3.98<br>| 4.44<br>|
| Year Ended 12/31/2023 | $41.39<br>| 0.49<br>| 3.57<br>| 4.06<br>|
| Year Ended 12/31/2022 | $42.62<br>| 0.51<br>| &nbsp;&nbsp; (1.74) <br>| &nbsp;&nbsp; (1.23) <br>|
| Year Ended 12/31/2021 | $32.35<br>| 0.55 <br><sup>(c)</sup><br>| 9.72<br>| 10.27<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Net investment income per share includes special dividends. The effect of these dividends amounted to $0.15 per share. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $51.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $238926<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $50.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $279263<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $46.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $301914<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $42.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.75%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $318668<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $43.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $403832<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $49.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $80818<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $48.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85967<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $44.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $80372<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $40.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.00%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74701<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $41.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74122<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $50.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73760<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $49.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85465<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $45.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85814<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $41.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.89%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84045<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $42.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $87819<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.77% of the Fund's average daily net assets.

**Subadvisory agreement**

The Investment Manager has entered into a Subadvisory Agreement with Victory Capital Management Inc. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.02% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**July 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**June 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.985 |

---

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $247,785,196 and $307,909,905, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 5875000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 99.9% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of CTIVP – Victory Sycamore Established Value Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CTIVP – Victory Sycamore Established Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund \| 2025

------

**CTIVP**<sup>®</sup> **– Victory Sycamore Established Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img779cce7c2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7038_12_E01_(02/26)

------

![](g245812imge42519031.jpg)

Variable Portfolio – Partners International Value Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_60195e0f-8dee-4ca5-afcb-58980b43d568_POI-CommonContent-Date-308_1) | 3 |
| [Statement of Assets and Liabilities](#xx_60195e0f-8dee-4ca5-afcb-58980b43d568_FS-CommonContent-Date-308_1) | 8 |
| [Statement of Operations](#xx_60195e0f-8dee-4ca5-afcb-58980b43d568_FS-CommonContent-Date-308_2) | 9 |
| [Statement of Changes in Net Assets](#xx_60195e0f-8dee-4ca5-afcb-58980b43d568_FS-CommonContent-Date-308_3) | 10 |
| [Financial Highlights](#xx_60195e0f-8dee-4ca5-afcb-58980b43d568_FIHI-CommonContent-Date-308_2) | 12 |
| [Notes to Financial Statements](#xx_60195e0f-8dee-4ca5-afcb-58980b43d568_NTF-CommonContent-Date-308_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_60195e0f-8dee-4ca5-afcb-58980b43d568_AUD-CommonContent-Date-308_1) | 22 |
| [Federal Income Tax Information](#xx_60195e0f-8dee-4ca5-afcb-58980b43d568_CCH-CommonContent-Date-308_1) | 23 |

---

Variable Portfolio – Partners International Value Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.0%** | **Common Stocks 98.0%** | **Common Stocks 98.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Australia 1.3%** | **Australia 1.3%** | **Australia 1.3%** |
| BHP Group Ltd. | &nbsp;&nbsp; 39900 | &nbsp;&nbsp; 1204148 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 39500 | &nbsp;&nbsp; 5337642 |
| Santos Ltd. | &nbsp;&nbsp; 1360600 | &nbsp;&nbsp; 5588241 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 255900 | &nbsp;&nbsp; 3853082 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 522000 | &nbsp;&nbsp; 2686996 |
| **Total** | **Total** | &nbsp;&nbsp; **18670109** |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 98600 | &nbsp;&nbsp; 6328251 |
| KBC Group NV | &nbsp;&nbsp; 64700 | &nbsp;&nbsp; 8426271 |
| **Total** | **Total** | &nbsp;&nbsp; **14754522** |
| **Brazil 1.4%** | **Brazil 1.4%** | **Brazil 1.4%** |
| Ambev SA | &nbsp;&nbsp; 4727000 | &nbsp;&nbsp; 11956060 |
| Banco do Brasil SA | &nbsp;&nbsp; 1854300 | &nbsp;&nbsp; 7417539 |
| Vale SA | &nbsp;&nbsp; 72700 | &nbsp;&nbsp; 954695 |
| **Total** | **Total** | &nbsp;&nbsp; **20328294** |
| **Canada 1.4%** | **Canada 1.4%** | **Canada 1.4%** |
| Canadian National Railway Co. | &nbsp;&nbsp; 38300 | &nbsp;&nbsp; 3788004 |
| CCL Industries, Inc., Class B | &nbsp;&nbsp; 64600 | &nbsp;&nbsp; 4080594 |
| Magna International, Inc. | &nbsp;&nbsp; 237496 | &nbsp;&nbsp; 12660801 |
| **Total** | **Total** | &nbsp;&nbsp; **20529399** |
| **China 4.1%** | **China 4.1%** | **China 4.1%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 849200 | &nbsp;&nbsp; 15592129 |
| China Merchants Bank Co., Ltd., Class H | &nbsp;&nbsp; 1647500 | &nbsp;&nbsp; 11207773 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 8645343 | &nbsp;&nbsp; 13653206 |
| Haier Smart Home Co., Ltd., Class H | &nbsp;&nbsp; 4784600 | &nbsp;&nbsp; 14941103 |
| SITC International Holdings Co., Ltd. | &nbsp;&nbsp; 263200 | &nbsp;&nbsp; 941834 |
| Weichai Power Co., Ltd., Class H | &nbsp;&nbsp; 1505000 | &nbsp;&nbsp; 3652356 |
| **Total** | **Total** | &nbsp;&nbsp; **59988401** |
| **Denmark 1.3%** | **Denmark 1.3%** | **Denmark 1.3%** |
| Danske Bank A/S | &nbsp;&nbsp; 305303 | &nbsp;&nbsp; 15245700 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 59700 | &nbsp;&nbsp; 3027893 |
| Rockwool A/S, Class B | &nbsp;&nbsp; 35900 | &nbsp;&nbsp; 1261306 |
| **Total** | **Total** | &nbsp;&nbsp; **19534899** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Finland 0.7%** | **Finland 0.7%** | **Finland 0.7%** |
| Nokia OYJ | &nbsp;&nbsp; 790324 | &nbsp;&nbsp; 5095277 |
| Nokia OYJ, ADR | &nbsp;&nbsp; 899260 | &nbsp;&nbsp; 5818212 |
| **Total** | **Total** | &nbsp;&nbsp; **10913489** |
| **France 12.9%** | **France 12.9%** | **France 12.9%** |
| Accor SA | &nbsp;&nbsp; 223340 | &nbsp;&nbsp; 12591116 |
| Amundi SA | &nbsp;&nbsp; 217110 | &nbsp;&nbsp; 17944097 |
| Arkema SA | &nbsp;&nbsp; 171848 | &nbsp;&nbsp; 10473052 |
| Capgemini SE | &nbsp;&nbsp; 48900 | &nbsp;&nbsp; 8119759 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 50900 | &nbsp;&nbsp; 5176118 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 607522 | &nbsp;&nbsp; 20137042 |
| Edenred SE | &nbsp;&nbsp; 170500 | &nbsp;&nbsp; 3769067 |
| FDJ UNITED | &nbsp;&nbsp; 41200 | &nbsp;&nbsp; 1140447 |
| Publicis Groupe SA | &nbsp;&nbsp; 96061 | &nbsp;&nbsp; 9975716 |
| Rexel SA | &nbsp;&nbsp; 495327 | &nbsp;&nbsp; 19427792 |
| Sanofi SA | &nbsp;&nbsp; 262451 | &nbsp;&nbsp; 25393506 |
| Societe Generale SA | &nbsp;&nbsp; 200400 | &nbsp;&nbsp; 16133005 |
| Sodexo SA | &nbsp;&nbsp; 61204 | &nbsp;&nbsp; 3135849 |
| Teleperformance SE | &nbsp;&nbsp; 236059 | &nbsp;&nbsp; 17083561 |
| TotalEnergies SE | &nbsp;&nbsp; 105600 | &nbsp;&nbsp; 6884910 |
| Veolia Environnement SA | &nbsp;&nbsp; 358640 | &nbsp;&nbsp; 12479775 |
| **Total** | **Total** | &nbsp;&nbsp; **189864812** |
| **Germany 11.7%** | **Germany 11.7%** | **Germany 11.7%** |
| Allianz SE, Registered Shares | &nbsp;&nbsp; 14700 | &nbsp;&nbsp; 6796946 |
| BASF SE | &nbsp;&nbsp; 408924 | &nbsp;&nbsp; 21517009 |
| Bayer AG, Registered Shares | &nbsp;&nbsp; 330469 | &nbsp;&nbsp; 14334344 |
| Continental AG | &nbsp;&nbsp; 147223 | &nbsp;&nbsp; 11684052 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 37300 | &nbsp;&nbsp; 3414529 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 435136 | &nbsp;&nbsp; 18846849 |
| Deutsche Boerse AG | &nbsp;&nbsp; 27900 | &nbsp;&nbsp; 7332717 |
| Deutsche Post AG | &nbsp;&nbsp; 110911 | &nbsp;&nbsp; 6047501 |
| Evonik Industries AG | &nbsp;&nbsp; 649477 | &nbsp;&nbsp; 10135796 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 240660 | &nbsp;&nbsp; 11495262 |
| Heidelberg Materials AG | &nbsp;&nbsp; 37000 | &nbsp;&nbsp; 9592511 |
| Infineon Technologies AG | &nbsp;&nbsp; 173200 | &nbsp;&nbsp; 7556883 |
| Mercedes-Benz Group AG, Registered Shares | &nbsp;&nbsp; 119409 | &nbsp;&nbsp; 8277682 |
| Merck KGaA | &nbsp;&nbsp; 49200 | &nbsp;&nbsp; 7021984 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| SAP SE | &nbsp;&nbsp; 46800 | &nbsp;&nbsp; 11370927 |
| Siemens AG, Registered Shares | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 10922987 |
| Zalando SE<sup>(a)</sup> <br>| &nbsp;&nbsp; 197700 | &nbsp;&nbsp; 5833548 |
| **Total** | **Total** | &nbsp;&nbsp; **172181527** |
| **Hong Kong 1.8%** | **Hong Kong 1.8%** | **Hong Kong 1.8%** |
| AIA Group Ltd. | &nbsp;&nbsp; 826900 | &nbsp;&nbsp; 8511359 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 891800 | &nbsp;&nbsp; 4509731 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 2631000 | &nbsp;&nbsp; 12972982 |
| **Total** | **Total** | &nbsp;&nbsp; **25994072** |
| **Indonesia 0.3%** | **Indonesia 0.3%** | **Indonesia 0.3%** |
| PT Bank Rakyat Indonesia Persero Tbk | &nbsp;&nbsp; 20766700 | &nbsp;&nbsp; 4548051 |
| **Ireland 3.3%** | **Ireland 3.3%** | **Ireland 3.3%** |
| AerCap Holdings NV | &nbsp;&nbsp; 72300 | &nbsp;&nbsp; 10393848 |
| AIB Group PLC | &nbsp;&nbsp; 995200 | &nbsp;&nbsp; 10639035 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 885977 | &nbsp;&nbsp; 16944582 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 106600 | &nbsp;&nbsp; 3675312 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 161200 | &nbsp;&nbsp; 6233604 |
| **Total** | **Total** | &nbsp;&nbsp; **47886381** |
| **Israel 0.3%** | **Israel 0.3%** | **Israel 0.3%** |
| Check Point Software Technologies Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26400 | &nbsp;&nbsp; 4898784 |
| **Italy 1.0%** | **Italy 1.0%** | **Italy 1.0%** |
| Enel SpA | &nbsp;&nbsp; 1440497 | &nbsp;&nbsp; 14977330 |
| **Japan 18.8%** | **Japan 18.8%** | **Japan 18.8%** |
| Bridgestone Corp. | &nbsp;&nbsp; 326600 | &nbsp;&nbsp; 7348266 |
| Canon, Inc. | &nbsp;&nbsp; 139200 | &nbsp;&nbsp; 4118734 |
| Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp; 147200 | &nbsp;&nbsp; 2533900 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 168400 | &nbsp;&nbsp; 21536982 |
| FANUC Corp. | &nbsp;&nbsp; 154200 | &nbsp;&nbsp; 6000810 |
| Fujitsu Ltd. | &nbsp;&nbsp; 368800 | &nbsp;&nbsp; 10135699 |
| Fukuoka Financial Group, Inc. | &nbsp;&nbsp; 172100 | &nbsp;&nbsp; 5566670 |
| Hitachi Ltd. | &nbsp;&nbsp; 450500 | &nbsp;&nbsp; 14128388 |
| Iida Group Holdings Co., Ltd. | &nbsp;&nbsp; 219400 | &nbsp;&nbsp; 3526185 |
| Komatsu Ltd. | &nbsp;&nbsp; 221776 | &nbsp;&nbsp; 7037498 |
| Kubota Corp. | &nbsp;&nbsp; 363605 | &nbsp;&nbsp; 5152529 |
| Kyocera Corp. | &nbsp;&nbsp; 399500 | &nbsp;&nbsp; 5600474 |
| MinebeaMitsumi, Inc. | &nbsp;&nbsp; 752500 | &nbsp;&nbsp; 15141489 |
| Murata Manufacturing Co., Ltd. | &nbsp;&nbsp; 665200 | &nbsp;&nbsp; 13748324 |
| Nintendo Co., Ltd. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 2835612 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 369700 | &nbsp;&nbsp; 3079775 |
| Olympus Corp. | &nbsp;&nbsp; 1362300 | &nbsp;&nbsp; 17272949 |
| ORIX Corp. | &nbsp;&nbsp; 397600 | &nbsp;&nbsp; 11628720 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 487000 | &nbsp;&nbsp; 6313488 |
| Rakuten Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 889800 | &nbsp;&nbsp; 5701812 |
| Renesas Electronics Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 345400 | &nbsp;&nbsp; 4730893 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 720150 | &nbsp;&nbsp; 6854186 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 416300 | &nbsp;&nbsp; 8971269 |
| Seven & I Holdings Co., Ltd. | &nbsp;&nbsp; 653000 | &nbsp;&nbsp; 9381661 |
| Sony Group Corp. | &nbsp;&nbsp; 561300 | &nbsp;&nbsp; 14397900 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 610100 | &nbsp;&nbsp; 19621680 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 566500 | &nbsp;&nbsp; 17036672 |
| Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp; 266300 | &nbsp;&nbsp; 8272681 |
| TDK Corp. | &nbsp;&nbsp; 919200 | &nbsp;&nbsp; 13004614 |
| Toray Industries, Inc. | &nbsp;&nbsp; 497000 | &nbsp;&nbsp; 3240333 |
| Toyota Industries Corp. | &nbsp;&nbsp; 23900 | &nbsp;&nbsp; 2709460 |
| **Total** | **Total** | &nbsp;&nbsp; **276629653** |
| **Luxembourg 1.3%** | **Luxembourg 1.3%** | **Luxembourg 1.3%** |
| ArcelorMittal SA | &nbsp;&nbsp; 274778 | &nbsp;&nbsp; 12617673 |
| Eurofins Scientific SE | &nbsp;&nbsp; 81700 | &nbsp;&nbsp; 5974593 |
| **Total** | **Total** | &nbsp;&nbsp; **18592266** |
| **Netherlands 6.0%** | **Netherlands 6.0%** | **Netherlands 6.0%** |
| ASML Holding NV | &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 15731794 |
| EXOR NV | &nbsp;&nbsp; 19900 | &nbsp;&nbsp; 1690390 |
| ING Groep NV | &nbsp;&nbsp; 862420 | &nbsp;&nbsp; 24241103 |
| Koninklijke Philips NV | &nbsp;&nbsp; 489671 | &nbsp;&nbsp; 13333351 |
| Magnum Ice Cream Co. NV (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 12600 | &nbsp;&nbsp; 199989 |
| Prosus NV, Class N<sup>(a)</sup> <br>| &nbsp;&nbsp; 125100 | &nbsp;&nbsp; 7746064 |
| Randstad NV | &nbsp;&nbsp; 304668 | &nbsp;&nbsp; 11566740 |
| Shell PLC, ADR | &nbsp;&nbsp; 185989 | &nbsp;&nbsp; 13666472 |
| **Total** | **Total** | &nbsp;&nbsp; **88175903** |
| **Norway 2.3%** | **Norway 2.3%** | **Norway 2.3%** |
| Aker BP ASA | &nbsp;&nbsp; 187204 | &nbsp;&nbsp; 4763625 |
| DNB Bank ASA | &nbsp;&nbsp; 412195 | &nbsp;&nbsp; 11484073 |
| Equinor ASA | &nbsp;&nbsp; 740067 | &nbsp;&nbsp; 17452132 |
| **Total** | **Total** | &nbsp;&nbsp; **33699830** |
| **Singapore 0.7%** | **Singapore 0.7%** | **Singapore 0.7%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 239860 | &nbsp;&nbsp; 10506984 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **South Korea 3.0%** | **South Korea 3.0%** | **South Korea 3.0%** |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp; 383659 | &nbsp;&nbsp; 32156340 |
| Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp; 219040 | &nbsp;&nbsp; 11663831 |
| **Total** | **Total** | &nbsp;&nbsp; **43820171** |
| **Sweden 1.3%** | **Sweden 1.3%** | **Sweden 1.3%** |
| Boliden AB<sup>(a)</sup> <br>| &nbsp;&nbsp; 86000 | &nbsp;&nbsp; 4764080 |
| Essity AB, Class B | &nbsp;&nbsp; 178200 | &nbsp;&nbsp; 5123495 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 406800 | &nbsp;&nbsp; 8576846 |
| **Total** | **Total** | &nbsp;&nbsp; **18464421** |
| **Switzerland 6.5%** | **Switzerland 6.5%** | **Switzerland 6.5%** |
| Cie Financiere Richemont SA, Class A, Registered <br> Shares<br>| &nbsp;&nbsp; 31500 | &nbsp;&nbsp; 6793008 |
| Glencore PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 1121800 | &nbsp;&nbsp; 6132500 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 266334 | &nbsp;&nbsp; 20808896 |
| Nestlé SA, Registered Shares | &nbsp;&nbsp; 100600 | &nbsp;&nbsp; 9985468 |
| Novartis AG, Registered Shares | &nbsp;&nbsp; 48500 | &nbsp;&nbsp; 6683106 |
| Roche Holding AG, Genusschein Shares | &nbsp;&nbsp; 67241 | &nbsp;&nbsp; 27768534 |
| UBS AG | &nbsp;&nbsp; 377864 | &nbsp;&nbsp; 17447720 |
| **Total** | **Total** | &nbsp;&nbsp; **95619232** |
| **United Kingdom 11.5%** | **United Kingdom 11.5%** | **United Kingdom 11.5%** |
| Ashtead Group PLC | &nbsp;&nbsp; 72700 | &nbsp;&nbsp; 4956628 |
| Aviva PLC | &nbsp;&nbsp; 640044 | &nbsp;&nbsp; 5885156 |
| Barclays Bank PLC | &nbsp;&nbsp; 559224 | &nbsp;&nbsp; 3579665 |
| Barratt Redrow PLC | &nbsp;&nbsp; 557700 | &nbsp;&nbsp; 2865010 |
| Beazley PLC | &nbsp;&nbsp; 131000 | &nbsp;&nbsp; 1464920 |
| BP PLC | &nbsp;&nbsp; 1127800 | &nbsp;&nbsp; 6577289 |
| Bunzl PLC | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 2228334 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 1356100 | &nbsp;&nbsp; 9219394 |
| DCC PLC | &nbsp;&nbsp; 104724 | &nbsp;&nbsp; 6524171 |
| HSBC Holdings PLC | &nbsp;&nbsp; 1097957 | &nbsp;&nbsp; 17277387 |
| Inchcape PLC | &nbsp;&nbsp; 357400 | &nbsp;&nbsp; 3704714 |
| Informa PLC | &nbsp;&nbsp; 258200 | &nbsp;&nbsp; 3063601 |
| J. Sainsbury PLC | &nbsp;&nbsp; 3616092 | &nbsp;&nbsp; 15841511 |
| Kingfisher PLC | &nbsp;&nbsp; 750100 | &nbsp;&nbsp; 3157585 |
| Legal & General Group PLC | &nbsp;&nbsp; 1331100 | &nbsp;&nbsp; 4684934 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 10497600 | &nbsp;&nbsp; 13885319 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Pearson PLC | &nbsp;&nbsp; 284700 | &nbsp;&nbsp; 4025383 |
| Persimmon PLC | &nbsp;&nbsp; 173100 | &nbsp;&nbsp; 3164055 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 341707 | &nbsp;&nbsp; 27650707 |
| Smith & Nephew PLC | &nbsp;&nbsp; 180700 | &nbsp;&nbsp; 3005213 |
| Standard Chartered PLC | &nbsp;&nbsp; 199289 | &nbsp;&nbsp; 4862739 |
| Tesco PLC | &nbsp;&nbsp; 1651040 | &nbsp;&nbsp; 9818453 |
| Travis Perkins PLC | &nbsp;&nbsp; 341791 | &nbsp;&nbsp; 2918880 |
| Unilever PLC | &nbsp;&nbsp; 85155 | &nbsp;&nbsp; 5563788 |
| Wise PLC, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 269600 | &nbsp;&nbsp; 3229815 |
| **Total** | **Total** | &nbsp;&nbsp; **169154651** |
| **United States 4.1%** | **United States 4.1%** | **United States 4.1%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 26879 | &nbsp;&nbsp; 7211636 |
| GSK PLC | &nbsp;&nbsp; 1023975 | &nbsp;&nbsp; 25105017 |
| Linde PLC | &nbsp;&nbsp; 9400 | &nbsp;&nbsp; 4008066 |
| Medtronic PLC | &nbsp;&nbsp; 119635 | &nbsp;&nbsp; 11492138 |
| Shell PLC | &nbsp;&nbsp; 213900 | &nbsp;&nbsp; 7882697 |
| Tenaris SA | &nbsp;&nbsp; 265500 | &nbsp;&nbsp; 5123051 |
| **Total** | **Total** | &nbsp;&nbsp; **60822605** |
| Total Common Stocks <br>(Cost $1,142,560,084) | Total Common Stocks <br>(Cost $1,142,560,084) | &nbsp;&nbsp; **1440555786** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Preferred Stocks 0.3%** | **Preferred Stocks 0.3%** | **Preferred Stocks 0.3%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Germany 0.3%** | **Germany 0.3%** | **Germany 0.3%** |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 56400 | &nbsp;&nbsp; 4601385 |
| Total Preferred Stocks <br>(Cost $4,408,658) | Total Preferred Stocks <br>(Cost $4,408,658) | &nbsp;&nbsp; **4601385** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 18172297 | &nbsp;&nbsp; 18166846 |
| Total Money Market Funds <br>(Cost $18,168,169) | Total Money Market Funds <br>(Cost $18,168,169) | &nbsp;&nbsp; **18166846** |
| **Total Investments in Securities** <br>**(Cost $1,165,136,911)** | **Total Investments in Securities** <br>**(Cost $1,165,136,911)** | &nbsp;&nbsp; **1463324017** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **6347424** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$1469671441** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 6044281 | &nbsp;&nbsp; 238501057 | &nbsp;&nbsp; (226377195)<br>| &nbsp;&nbsp; (1297)<br>| &nbsp;&nbsp; 18166846 | &nbsp;&nbsp; (2302)<br>| &nbsp;&nbsp; 506697 | &nbsp;&nbsp; 18172297 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  | &nbsp;&nbsp;&nbsp;&nbsp; 18670109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18670109 |
| Belgium |  | &nbsp;&nbsp;&nbsp;&nbsp; 14754522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14754522 |
| Brazil | 20328294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20328294 |
| Canada | 20529399 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20529399 |
| China |  | &nbsp;&nbsp;&nbsp;&nbsp; 59988401 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59988401 |
| Denmark |  | &nbsp;&nbsp;&nbsp;&nbsp; 19534899 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19534899 |
| Finland | 5818212 | &nbsp;&nbsp;&nbsp;&nbsp; 5095277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10913489 |
| France |  | &nbsp;&nbsp;&nbsp;&nbsp; 189864812 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189864812 |
| Germany |  | &nbsp;&nbsp;&nbsp;&nbsp; 172181527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172181527 |
| Hong Kong |  | &nbsp;&nbsp;&nbsp;&nbsp; 25994072 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25994072 |
| Indonesia |  | &nbsp;&nbsp;&nbsp;&nbsp; 4548051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4548051 |
| Ireland | 16627452 | &nbsp;&nbsp;&nbsp;&nbsp; 31258929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47886381 |
| Israel | 4898784 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4898784 |
| Italy |  | &nbsp;&nbsp;&nbsp;&nbsp; 14977330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14977330 |
| Japan |  | &nbsp;&nbsp;&nbsp;&nbsp; 276629653 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 276629653 |
| Luxembourg |  | &nbsp;&nbsp;&nbsp;&nbsp; 18592266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18592266 |
| Netherlands | 13866461 | &nbsp;&nbsp;&nbsp;&nbsp; 74309442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88175903 |
| Norway |  | &nbsp;&nbsp;&nbsp;&nbsp; 33699830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33699830 |
| Singapore |  | &nbsp;&nbsp;&nbsp;&nbsp; 10506984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10506984 |
| South Korea |  | &nbsp;&nbsp;&nbsp;&nbsp; 43820171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43820171 |
| Sweden |  | &nbsp;&nbsp;&nbsp;&nbsp; 18464421 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18464421 |
| Switzerland |  | &nbsp;&nbsp;&nbsp;&nbsp; 95619232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95619232 |
| United Kingdom | 19546225 | &nbsp;&nbsp;&nbsp;&nbsp; 149608426 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169154651 |
| United States | 22711840 | &nbsp;&nbsp;&nbsp;&nbsp; 38110765 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60822605 |
| Total Common Stocks | 124326667 | &nbsp;&nbsp;&nbsp;&nbsp; 1316229119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1440555786 |
| Preferred Stocks |  |  |  |  |
| Germany |  | &nbsp;&nbsp;&nbsp;&nbsp; 4601385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4601385 |
| Total Preferred Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 4601385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4601385 |
| Money Market Funds | 18166846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18166846 |
| Total Investments in Securities | 142493513 | &nbsp;&nbsp;&nbsp;&nbsp; 1320830504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1463324017 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,146,968,742) | $1445157171 |
| Affiliated issuers (cost $18,168,169) | 18166846 |
| Receivable for: |  |
| Investments sold | 152687 |
| Capital shares sold | 582 |
| Dividends | 1341474 |
| Foreign tax reclaims | 7374274 |
| Expense reimbursement due from Investment Manager | 1817 |
| Prepaid expenses | 5951 |
| Total assets | 1472200802 |
| **Liabilities** |  |
| Due to custodian | 21470 |
| Foreign currency (cost $50,651) | 50598 |
| Payable for: |  |
| Investments purchased | 1490368 |
| Capital shares redeemed | 670255 |
| Management services fees | 33202 |
| Distribution and/or service fees | 244 |
| Service fees | 1979 |
| Compensation of chief compliance officer | 232 |
| Compensation of board members | 1023 |
| Other expenses | 74649 |
| Deferred compensation of board members | 185341 |
| Total liabilities | 2529361 |
| **Net assets applicable to outstanding capital stock** | **$1469671441** |
| **Represented by** |  |
| Paid in capital | 1044947851 |
| Total distributable earnings (loss) | 424723590 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1469671441** |
| **Class 1** |  |
| Net assets | $1434283432 |
| Shares outstanding | 107372814 |
| Net asset value per share | $13.36 |
| **Class 2** |  |
| Net assets | $35388009 |
| Shares outstanding | 2665557 |
| Net asset value per share | $13.28 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $51582865 |
| Dividends — affiliated issuers | 506697 |
| Foreign taxes withheld | (4949617)<br>|
| Total income | 47139945 |
| Expenses: |  |
| Management services fees | 11450900 |
| Distribution and/or service fees |  |
| Class 2 | 76743 |
| Service fees | 21082 |
| Custodian fees | 147852 |
| Printing and postage fees | 12074 |
| Accounting services fees | 35588 |
| Legal fees | 40275 |
| Interest on interfund lending | 25904 |
| Compensation of chief compliance officer | 210 |
| Compensation of board members | 25490 |
| Deferred compensation of board members | 28925 |
| Other | 131262 |
| Total expenses | 11996305 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (599498)<br>|
| Total net expenses | 11396807 |
| **Net investment income** | 35743138 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 103406910 |
| Investments — affiliated issuers | (2302)<br>|
| Foreign currency translations | 171239 |
| Net realized gain | 103575847 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 279833227 |
| Investments — affiliated issuers | (1297)<br>|
| Foreign currency translations | 864121 |
| Net change in unrealized appreciation (depreciation) | 280696051 |
| Net realized and unrealized gain | 384271898 |
| **Net increase in net assets resulting from operations** | **$420015036** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $35743138 | &nbsp;&nbsp; $40131926 |
| Net realized gain | 103575847 | &nbsp;&nbsp; 51418314 |
| Net change in unrealized appreciation (depreciation) | 280696051 | &nbsp;&nbsp; (26925494)<br>|
| Net increase in net assets resulting from operations | 420015036 | &nbsp;&nbsp; 64624746 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (41601554)<br>| &nbsp;&nbsp; (38590556)<br>|
| Class 2 | (864019)<br>| &nbsp;&nbsp; (780292)<br>|
| Total distributions to shareholders | (42465573)<br>| &nbsp;&nbsp; (39370848)<br>|
| Decrease in net assets from capital stock activity | (221618301)<br>| &nbsp;&nbsp; (80448108)<br>|
| Total increase (decrease) in net assets | 155931162 | &nbsp;&nbsp; (55194210)<br>|
| Net assets at beginning of year | 1313740279 | &nbsp;&nbsp; 1368934489 |
| **Net assets at end of year** | **$1469671441** | &nbsp;&nbsp; **$1313740279** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 301571 | &nbsp;&nbsp;&nbsp;&nbsp; 3392949 | &nbsp;&nbsp;&nbsp;&nbsp; 614273 | &nbsp;&nbsp;&nbsp;&nbsp; 6392097 |
| Distributions reinvested | 3730383 | &nbsp;&nbsp;&nbsp;&nbsp; 41601554 | &nbsp;&nbsp;&nbsp;&nbsp; 3828428 | &nbsp;&nbsp;&nbsp;&nbsp; 38590556 |
| Shares redeemed | (22461792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (264179549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11937383)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (124512756)<br>|
| Net decrease | (18429838)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (219185046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7494682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79530103)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 341182 | &nbsp;&nbsp;&nbsp;&nbsp; 4112228 | &nbsp;&nbsp;&nbsp;&nbsp; 180661 | &nbsp;&nbsp;&nbsp;&nbsp; 1848175 |
| Distributions reinvested | 77790 | &nbsp;&nbsp;&nbsp;&nbsp; 864019 | &nbsp;&nbsp;&nbsp;&nbsp; 77719 | &nbsp;&nbsp;&nbsp;&nbsp; 780292 |
| Shares redeemed | (667110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7409502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (346835)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3546472)<br>|
| Net decrease | (248138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2433255)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88455)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (918005)<br>|
| **Total net decrease** | **(18677976)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(221618301)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(7583137)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(80448108)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners International Value Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $10.21<br>| 0.30<br>| 3.22<br>| 3.52<br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 12/31/2024 | $10.04<br>| 0.30 <br><sup>(d)</sup><br>| 0.16<br>| 0.46<br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.29) <br>|
| Year Ended 12/31/2023 | $8.76<br>| 0.26 <br><sup>(d)</sup><br>| 1.22<br>| 1.48<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.20) <br>|
| Year Ended 12/31/2022 | $10.12<br>| 0.25 <br><sup>(e)</sup><br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.22) <br>|
| Year Ended 12/31/2021 | $9.26<br>| 0.20<br>| 0.89<br>| 1.09<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.23) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $10.15<br>| 0.27<br>| 3.20<br>| 3.47<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.34) <br>|
| Year Ended 12/31/2024 | $9.99<br>| 0.27 <br><sup>(d)</sup><br>| 0.16<br>| 0.43<br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.27) <br>|
| Year Ended 12/31/2023 | $8.71<br>| 0.23 <br><sup>(d)</sup><br>| 1.23<br>| 1.46<br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.18) <br>|
| Year Ended 12/31/2022 | $10.07<br>| 0.23 <br><sup>(e)</sup><br>| &nbsp;&nbsp; (1.40) <br>| &nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.19) <br>|
| Year Ended 12/31/2021 | $9.21<br>| 0.18<br>| 0.89<br>| 1.07<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.21) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Includes income resulting from European Union tax reclaims, net of an IRS closing agreement for European Union tax reclaims, if applicable. The effect of these amounted to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Class** | **Net Investment income per share ($)** | **Net Investment income ratio (%)** |
| **Year Ended 12/31/2024** |  |  |
| Class 1 | 0.01 | 0.10 |
| Class 2 | 0.01 | 0.10 |
| **Year Ended 12/31/2023** |  |  |
| Class 1 | 0.02 | 0.16 |
| Class 2 | 0.01 | 0.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Net investment income per share includes European Union tax reclaims. The effect of these reclaims amounted to $0.01 per share.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1434283<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1284170<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1338943<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.46%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1307922<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1532143<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35388<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29570<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29991<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.75%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26630<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27992<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Value Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Variable Portfolio – Partners International Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Variable Portfolio – Partners International Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a

Variable Portfolio – Partners International Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Distributions to subaccounts**

Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Variable Portfolio – Partners International Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.67% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.82% of the Fund's average daily net assets.

**Subadvisory agreements** 

The Investment Manager has entered into Subadvisory Agreements with Pzena Investment Management, LLC and Thompson, Siegel & Walmsley LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Variable Portfolio – Partners International Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, passive foreign investment company (pfic) holdings and trustees' deferred compensation. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 4550388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4550388)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

Variable Portfolio – Partners International Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 42465573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42465573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39370848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39370848 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 53520300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87312217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283440630 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1179883387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352267560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68826930)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283440630 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $239,642,419 and $474,079,070, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Variable Portfolio – Partners International Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 2330488 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |

---

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

Variable Portfolio – Partners International Value Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Partners International Value Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners International Value Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners International Value Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Partners International Value Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Capital** <br>**gain** <br>**dividend**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**per share** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income** <br>**per share**<br>|
| $91677828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4949617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51582026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.47 |

---

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2026.

Variable Portfolio – Partners International Value Fund \| 2025

------

**Variable Portfolio – Partners International Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgce5658bf2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7056_12_E01_(02/26)

------

![](g245812img6f8d5f4a1.jpg)

Variable Portfolio – Partners International Core Equity Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_4cc7e96f-3236-431f-a439-225d888d7779_POI-CommonContent-Date-327_1) | 3 |
| [Statement of Assets and Liabilities](#xx_4cc7e96f-3236-431f-a439-225d888d7779_FS-CommonContent-Date-327_1) | 6 |
| [Statement of Operations](#xx_4cc7e96f-3236-431f-a439-225d888d7779_FS-CommonContent-Date-327_2) | 7 |
| [Statement of Changes in Net Assets](#xx_4cc7e96f-3236-431f-a439-225d888d7779_FS-CommonContent-Date-327_3) | 8 |
| [Financial Highlights](#xx_4cc7e96f-3236-431f-a439-225d888d7779_FIHI-CommonContent-Date-327_2) | 10 |
| [Notes to Financial Statements](#xx_4cc7e96f-3236-431f-a439-225d888d7779_NTF-CommonContent-Date-327_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_4cc7e96f-3236-431f-a439-225d888d7779_AUD-CommonContent-Date-327_1) | 20 |
| [Federal Income Tax Information](#xx_4cc7e96f-3236-431f-a439-225d888d7779_CCH-CommonContent-Date-327_1) | 21 |

---

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.3%** | **Common Stocks 98.3%** | **Common Stocks 98.3%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Austria 2.1%** | **Austria 2.1%** | **Austria 2.1%** |
| Erste Group Bank AG | &nbsp;&nbsp; 321207 | &nbsp;&nbsp; 38515760 |
| **Brazil 1.3%** | **Brazil 1.3%** | **Brazil 1.3%** |
| MercadoLibre, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11755 | &nbsp;&nbsp; 23677626 |
| **Canada 1.9%** | **Canada 1.9%** | **Canada 1.9%** |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 369339 | &nbsp;&nbsp; 34809437 |
| **China 3.1%** | **China 3.1%** | **China 3.1%** |
| Contemporary Amperex Technology Co., Ltd., <br> Class A<br>| &nbsp;&nbsp; 628581 | &nbsp;&nbsp; 33052386 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 1476944 | &nbsp;&nbsp; 25890829 |
| **Total** | **Total** | &nbsp;&nbsp; **58943215** |
| **France 8.5%** | **France 8.5%** | **France 8.5%** |
| Legrand SA | &nbsp;&nbsp; 258525 | &nbsp;&nbsp; 38433043 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 56232 | &nbsp;&nbsp; 42384069 |
| Sanofi SA | &nbsp;&nbsp; 343020 | &nbsp;&nbsp; 33188978 |
| Schneider Electric SE | &nbsp;&nbsp; 167073 | &nbsp;&nbsp; 45776176 |
| **Total** | **Total** | &nbsp;&nbsp; **159782266** |
| **Germany 7.7%** | **Germany 7.7%** | **Germany 7.7%** |
| Beiersdorf AG | &nbsp;&nbsp; 207904 | &nbsp;&nbsp; 22831443 |
| SAP SE | &nbsp;&nbsp; 286855 | &nbsp;&nbsp; 69696738 |
| Siemens AG, Registered Shares | &nbsp;&nbsp; 188054 | &nbsp;&nbsp; 52669524 |
| **Total** | **Total** | &nbsp;&nbsp; **145197705** |
| **Japan 19.6%** | **Japan 19.6%** | **Japan 19.6%** |
| Fast Retailing Co., Ltd. | &nbsp;&nbsp; 113900 | &nbsp;&nbsp; 41298805 |
| Hoya Corp. | &nbsp;&nbsp; 292900 | &nbsp;&nbsp; 44424025 |
| ITOCHU Corp. | &nbsp;&nbsp; 3735000 | &nbsp;&nbsp; 47198495 |
| Keyence Corp. | &nbsp;&nbsp; 94900 | &nbsp;&nbsp; 34327702 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 3002700 | &nbsp;&nbsp; 47656074 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 1858600 | &nbsp;&nbsp; 43634399 |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp; 465800 | &nbsp;&nbsp; 26174039 |
| Shimano, Inc. | &nbsp;&nbsp; 189500 | &nbsp;&nbsp; 19816206 |
| SoftBank Group Corp. | &nbsp;&nbsp; 737200 | &nbsp;&nbsp; 20680920 |
| Sony Group Corp. | &nbsp;&nbsp; 1716500 | &nbsp;&nbsp; 44029922 |
| **Total** | **Total** | &nbsp;&nbsp; **369240587** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Netherlands 4.8%** | **Netherlands 4.8%** | **Netherlands 4.8%** |
| ASML Holding NV | &nbsp;&nbsp; 82036 | &nbsp;&nbsp; 88395444 |
| Heineken NV | &nbsp;&nbsp; 28246 | &nbsp;&nbsp; 2330491 |
| **Total** | **Total** | &nbsp;&nbsp; **90725935** |
| **Norway 1.5%** | **Norway 1.5%** | **Norway 1.5%** |
| DNB Bank ASA | &nbsp;&nbsp; 1042949 | &nbsp;&nbsp; 29057371 |
| **Singapore 3.0%** | **Singapore 3.0%** | **Singapore 3.0%** |
| Sea Ltd. ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 166936 | &nbsp;&nbsp; 21296026 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 9778300 | &nbsp;&nbsp; 34595616 |
| **Total** | **Total** | &nbsp;&nbsp; **55891642** |
| **Spain 1.7%** | **Spain 1.7%** | **Spain 1.7%** |
| Bankinter SA | &nbsp;&nbsp; 1897923 | &nbsp;&nbsp; 31458443 |
| **Sweden 1.9%** | **Sweden 1.9%** | **Sweden 1.9%** |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 2527309 | &nbsp;&nbsp; 36614497 |
| **Switzerland 11.4%** | **Switzerland 11.4%** | **Switzerland 11.4%** |
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 45296812 |
| Cie Financiere Richemont SA, Class A, Registered <br> Shares<br>| &nbsp;&nbsp; 254520 | &nbsp;&nbsp; 54887504 |
| Lonza Group AG, Registered Shares | &nbsp;&nbsp; 56068 | &nbsp;&nbsp; 37802162 |
| Roche Holding AG, Genusschein Shares | &nbsp;&nbsp; 187268 | &nbsp;&nbsp; 77336118 |
| **Total** | **Total** | &nbsp;&nbsp; **215322596** |
| **Taiwan 2.1%** | **Taiwan 2.1%** | **Taiwan 2.1%** |
| Taiwan Semiconductor Manufacturing Co., Ltd., <br> ADR<br>| &nbsp;&nbsp; 130074 | &nbsp;&nbsp; 39528188 |
| **United Arab Emirates —%** | **United Arab Emirates —%** | **United Arab Emirates —%** |
| NMC Health PLC<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 293698 | &nbsp;&nbsp; 0 |
| **United Kingdom 23.9%** | **United Kingdom 23.9%** | **United Kingdom 23.9%** |
| AstraZeneca PLC | &nbsp;&nbsp; 366663 | &nbsp;&nbsp; 67854416 |
| BAE Systems PLC | &nbsp;&nbsp; 1513625 | &nbsp;&nbsp; 34836164 |
| Bunzl PLC | &nbsp;&nbsp; 843555 | &nbsp;&nbsp; 23555415 |
| Haleon PLC | &nbsp;&nbsp; 8422007 | &nbsp;&nbsp; 42559610 |
| HSBC Holdings PLC | &nbsp;&nbsp; 2837698 | &nbsp;&nbsp; 44653849 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 24764959 | &nbsp;&nbsp; 32756950 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 374439 | &nbsp;&nbsp; 45040710 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 581311 | &nbsp;&nbsp; 47039307 |
| RELX PLC | &nbsp;&nbsp; 880102 | &nbsp;&nbsp; 35456509 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Sage Group PLC (The) | &nbsp;&nbsp; 2392131 | &nbsp;&nbsp; 34792321 |
| Unilever PLC | &nbsp;&nbsp; 639264 | &nbsp;&nbsp; 41767710 |
| **Total** | **Total** | &nbsp;&nbsp; **450312961** |
| **United States 3.8%** | **United States 3.8%** | **United States 3.8%** |
| ARM Holdings PLC, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 103272 | &nbsp;&nbsp; 11288663 |
| Liberty Media Corp.-Liberty Formula One, <br> Class C<sup>(a)</sup> <br>| &nbsp;&nbsp; 291532 | &nbsp;&nbsp; 28718817 |
| Shell PLC | &nbsp;&nbsp; 841727 | &nbsp;&nbsp; 31180986 |
| **Total** | **Total** | &nbsp;&nbsp; **71188466** |
| Total Common Stocks <br>(Cost $1,439,461,525) | Total Common Stocks <br>(Cost $1,439,461,525) | &nbsp;&nbsp; **1850266695** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(d),(e)</sup> <br>| &nbsp;&nbsp; 24311619 | &nbsp;&nbsp; 24304326 |
| Total Money Market Funds <br>(Cost $24,305,763) | Total Money Market Funds <br>(Cost $24,305,763) | &nbsp;&nbsp; **24304326** |
| **Total Investments in Securities** <br>**(Cost $1,463,767,288)** | **Total Investments in Securities** <br>**(Cost $1,463,767,288)** | &nbsp;&nbsp; **1874571021** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **8372017** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$1882943038** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2025, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 55979472 | &nbsp;&nbsp; 436818480 | &nbsp;&nbsp; (468492565)<br>| &nbsp;&nbsp; (1061)<br>| &nbsp;&nbsp; 24304326 | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 937642 | &nbsp;&nbsp; 24311619 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Austria |  | &nbsp;&nbsp;&nbsp;&nbsp; 38515760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38515760 |
| Brazil | 23677626 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23677626 |
| Canada | 34809437 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34809437 |
| China | 25890829 | &nbsp;&nbsp;&nbsp;&nbsp; 33052386 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58943215 |
| France |  | &nbsp;&nbsp;&nbsp;&nbsp; 159782266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159782266 |
| Germany |  | &nbsp;&nbsp;&nbsp;&nbsp; 145197705 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145197705 |
| Japan |  | &nbsp;&nbsp;&nbsp;&nbsp; 369240587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 369240587 |
| Netherlands |  | &nbsp;&nbsp;&nbsp;&nbsp; 90725935 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90725935 |
| Norway |  | &nbsp;&nbsp;&nbsp;&nbsp; 29057371 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29057371 |
| Singapore | 21296026 | &nbsp;&nbsp;&nbsp;&nbsp; 34595616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55891642 |
| Spain |  | &nbsp;&nbsp;&nbsp;&nbsp; 31458443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31458443 |
| Sweden |  | &nbsp;&nbsp;&nbsp;&nbsp; 36614497 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36614497 |
| Switzerland |  | &nbsp;&nbsp;&nbsp;&nbsp; 215322596 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 215322596 |
| Taiwan | 39528188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39528188 |
| United Arab Emirates |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| United Kingdom |  | &nbsp;&nbsp;&nbsp;&nbsp; 450312961 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 450312961 |
| United States | 40007480 | &nbsp;&nbsp;&nbsp;&nbsp; 31180986 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71188466 |
| Total Common Stocks | 185209586 | &nbsp;&nbsp;&nbsp;&nbsp; 1665057109 | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1850266695 |
| Money Market Funds | 24304326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24304326 |
| Total Investments in Securities | 209513912 | &nbsp;&nbsp;&nbsp;&nbsp; 1665057109 | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1874571021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,439,461,525) | $1850266695 |
| Affiliated issuers (cost $24,305,763) | 24304326 |
| Foreign currency (cost $37,729) | 38748 |
| Receivable for: |  |
| Investments sold | 792608 |
| Capital shares sold | 9731 |
| Dividends | 559670 |
| Foreign tax reclaims | 10165070 |
| Prepaid expenses | 8973 |
| Total assets | 1886145821 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 734780 |
| Capital shares redeemed | 2084402 |
| Management services fees | 41421 |
| Distribution and/or service fees | 231 |
| Service fees | 2087 |
| Compensation of chief compliance officer | 305 |
| Compensation of board members | 1280 |
| Other expenses | 105111 |
| Deferred compensation of board members | 233166 |
| Total liabilities | 3202783 |
| **Net assets applicable to outstanding capital stock** | **$1882943038** |
| **Represented by** |  |
| Paid in capital | 1277923283 |
| Total distributable earnings (loss) | 605019755 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1882943038** |
| **Class 1** |  |
| Net assets | $1849264861 |
| Shares outstanding | 147050027 |
| Net asset value per share | $12.58 |
| **Class 2** |  |
| Net assets | $33678177 |
| Shares outstanding | 2709988 |
| Net asset value per share | $12.43 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $46552420 |
| Dividends — affiliated issuers | 937642 |
| Interfund lending | 162 |
| Non-cash dividends - unaffiliated issuers | 2872652 |
| Foreign taxes withheld | (4652196)<br>|
| Total income | 45710680 |
| Expenses: |  |
| Management services fees | 14815573 |
| Distribution and/or service fees |  |
| Class 2 | 76488 |
| Service fees | 22180 |
| Custodian fees | 166844 |
| Printing and postage fees | 11374 |
| Accounting services fees | 32423 |
| Legal fees | 48053 |
| Interest on interfund lending | 1033 |
| Compensation of chief compliance officer | 281 |
| Compensation of board members | 30428 |
| Deferred compensation of board members | 36038 |
| Other | 216097 |
| Total expenses | 15456812 |
| **Net investment income** | 30253868 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 170869845 |
| Investments — affiliated issuers | 1023 |
| Foreign currency translations | 215559 |
| Net realized gain | 171086427 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 210775111 |
| Investments — affiliated issuers | (1061)<br>|
| Foreign currency translations | 1201551 |
| Net change in unrealized appreciation (depreciation) | 211975601 |
| Net realized and unrealized gain | 383062028 |
| **Net increase in net assets resulting from operations** | **$413315896** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $30253868 | &nbsp;&nbsp; $30974241 |
| Net realized gain | 171086427 | &nbsp;&nbsp; 72233209 |
| Net change in unrealized appreciation (depreciation) | 211975601 | &nbsp;&nbsp; 10284684 |
| Net increase in net assets resulting from operations | 413315896 | &nbsp;&nbsp; 113492134 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (101640324)<br>| &nbsp;&nbsp; (24563825)<br>|
| Class 2 | (1658213)<br>| &nbsp;&nbsp; (271458)<br>|
| Total distributions to shareholders | (103298537)<br>| &nbsp;&nbsp; (24835283)<br>|
| Decrease in net assets from capital stock activity | (238390401)<br>| &nbsp;&nbsp; (161970720)<br>|
| Total increase (decrease) in net assets | 71626958 | &nbsp;&nbsp; (73313869)<br>|
| Net assets at beginning of year | 1811316080 | &nbsp;&nbsp; 1884629949 |
| **Net assets at end of year** | **$1882943038** | &nbsp;&nbsp; **$1811316080** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 375933 | &nbsp;&nbsp;&nbsp;&nbsp; 4454215 | &nbsp;&nbsp;&nbsp;&nbsp; 341073 | &nbsp;&nbsp;&nbsp;&nbsp; 3650110 |
| Distributions reinvested | 8600105 | &nbsp;&nbsp;&nbsp;&nbsp; 101640324 | &nbsp;&nbsp;&nbsp;&nbsp; 2330534 | &nbsp;&nbsp;&nbsp;&nbsp; 24563825 |
| Shares redeemed | (29258081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (347207617)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17636605)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (191734028)<br>|
| Net decrease | (20282043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (241113078)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14964998)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (163520093)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 374118 | &nbsp;&nbsp;&nbsp;&nbsp; 4395414 | &nbsp;&nbsp;&nbsp;&nbsp; 389298 | &nbsp;&nbsp;&nbsp;&nbsp; 4130715 |
| Distributions reinvested | 141473 | &nbsp;&nbsp;&nbsp;&nbsp; 1658213 | &nbsp;&nbsp;&nbsp;&nbsp; 26002 | &nbsp;&nbsp;&nbsp;&nbsp; 271458 |
| Shares redeemed | (283729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3330950)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (269989)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2852800)<br>|
| Net increase | 231862 | &nbsp;&nbsp;&nbsp;&nbsp; 2722677 | &nbsp;&nbsp;&nbsp;&nbsp; 145311 | &nbsp;&nbsp;&nbsp;&nbsp; 1549373 |
| **Total net decrease** | **(20050181)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(238390401)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(14819687)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(161970720)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $10.67<br>| 0.19<br>| 2.41<br>| 2.60<br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (0.69) <br>|
| Year Ended 12/31/2024 | $10.21<br>| 0.17 <br><sup>(d)</sup><br>| 0.43<br>| 0.60<br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.14) <br>|
| Year Ended 12/31/2023 | $8.80<br>| 0.13<br>| 1.42<br>| 1.55<br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.14) <br>|
| Year Ended 12/31/2022 | $13.57<br>| 0.14<br>| &nbsp;&nbsp; (2.82) <br>| &nbsp;&nbsp; (2.68) <br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; (1.86) <br>| &nbsp;&nbsp; (2.09) <br>|
| Year Ended 12/31/2021 | $12.19<br>| 0.20<br>| 1.43<br>| 1.63<br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.25) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $10.55<br>| 0.16<br>| 2.38<br>| 2.54<br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (0.66) <br>|
| Year Ended 12/31/2024 | $10.10<br>| 0.14 <br><sup>(d)</sup><br>| 0.42<br>| 0.56<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.11) <br>|
| Year Ended 12/31/2023 | $8.71<br>| 0.10<br>| 1.40<br>| 1.50<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.11) <br>|
| Year Ended 12/31/2022 | $13.44<br>| 0.11<br>| &nbsp;&nbsp; (2.78) <br>| &nbsp;&nbsp; (2.67) <br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (1.86) <br>| &nbsp;&nbsp; (2.06) <br>|
| Year Ended 12/31/2021 | $12.09<br>| 0.18<br>| 1.40<br>| 1.58<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.23) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Includes income resulting from European Union tax reclaims, net of an IRS closing agreement for European Union tax reclaims, if applicable. The effect of these amounted to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Class** | **Net Investment income per share ($)** | **Net Investment income ratio (%)** |
| **Year Ended 12/31/2024** |  |  |
| Class 1 | 0.01 | 0.11 |
| Class 2 | 0.01 | 0.11 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $12.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1849265<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1785170<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1861069<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.51%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1777600<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $13.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2150661<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $12.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33678<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26146<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23561<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $8.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.64%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17755<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $13.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17913<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Variable Portfolio – Partners International Core Equity Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Distributions to subaccounts**

Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.87% to 0.67% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.80% of the Fund's average daily net assets.

**Subadvisory agreements**

The Investment Manager has entered into a Subadvisory Agreement with Schroder Investment Management North America Inc. (SIMNA Inc.) to serve as a subadviser to the Fund. Schroder Investment Management North America Limited (SIMNA Ltd.), an affiliate of SIMNA Inc., assists in providing day-to-day portfolio management of the Fund pursuant to a Sub-Subadvisory Agreement between SIMNA Inc. and SIMNA Ltd. The Investment Manager compensates the subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, trustees' deferred compensation and foreign currency transactions. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 6838901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6838901)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 62586390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40712147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103298537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24835283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24835283 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 50566169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155707711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398041404 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1476529617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430747470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32706066)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398041404 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $629,461,886 and $908,367,670, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 1266667 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Lender | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

Interest income earned and interest expense incurred by the Fund are recorded as Interfund lending and Interest on interfund lending, respectively, in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners International Core Equity Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners International Core Equity Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Capital** <br>**gain** <br>**dividend**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**per share** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income** <br>**per share**<br>|
| $163808300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4652196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49249431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.33 |

---

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2026.

Variable Portfolio – Partners International Core Equity Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Variable Portfolio – Partners International Core Equity Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgcfce8b052.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7054_12_E01_(02/26)

------

![](g245812imge9d350ad1.jpg)

Variable Portfolio – Partners International Growth Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_368e9ec0-a59e-4402-906c-3fa3fd5ef8fd_POI-CommonContent-Date-311_1) | 3 |
| [Statement of Assets and Liabilities](#xx_368e9ec0-a59e-4402-906c-3fa3fd5ef8fd_FS-CommonContent-Date-311_1) | 8 |
| [Statement of Operations](#xx_368e9ec0-a59e-4402-906c-3fa3fd5ef8fd_FS-CommonContent-Date-311_2) | 9 |
| [Statement of Changes in Net Assets](#xx_368e9ec0-a59e-4402-906c-3fa3fd5ef8fd_FS-CommonContent-Date-311_3) | 10 |
| [Financial Highlights](#xx_368e9ec0-a59e-4402-906c-3fa3fd5ef8fd_FIHI-CommonContent-Date-311_2) | 12 |
| [Notes to Financial Statements](#xx_368e9ec0-a59e-4402-906c-3fa3fd5ef8fd_NTF-CommonContent-Date-311_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_368e9ec0-a59e-4402-906c-3fa3fd5ef8fd_AUD-CommonContent-Date-311_1) | 22 |
| [Federal Income Tax Information](#xx_368e9ec0-a59e-4402-906c-3fa3fd5ef8fd_CCH-CommonContent-Date-311_1) | 23 |

---

Variable Portfolio – Partners International Growth Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.7%** | **Common Stocks 99.7%** | **Common Stocks 99.7%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Australia 1.0%** | **Australia 1.0%** | **Australia 1.0%** |
| Cochlear Ltd. | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 3750176 |
| CSL Ltd. | &nbsp;&nbsp; 51300 | &nbsp;&nbsp; 5903680 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 27934 | &nbsp;&nbsp; 4102477 |
| **Total** | **Total** | &nbsp;&nbsp; **13756333** |
| **Austria 1.7%** | **Austria 1.7%** | **Austria 1.7%** |
| Erste Group Bank AG | &nbsp;&nbsp; 192548 | &nbsp;&nbsp; 23088328 |
| **Belgium 1.3%** | **Belgium 1.3%** | **Belgium 1.3%** |
| UCB SA | &nbsp;&nbsp; 62120 | &nbsp;&nbsp; 17308284 |
| **Brazil 1.5%** | **Brazil 1.5%** | **Brazil 1.5%** |
| MercadoLibre, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 7027 | &nbsp;&nbsp; 14154205 |
| NU Holdings Ltd., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 423272 | &nbsp;&nbsp; 7085573 |
| **Total** | **Total** | &nbsp;&nbsp; **21239778** |
| **Canada 5.4%** | **Canada 5.4%** | **Canada 5.4%** |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 142600 | &nbsp;&nbsp; 7787910 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 232511 | &nbsp;&nbsp; 12181251 |
| Celestica, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16196 | &nbsp;&nbsp; 4787700 |
| Dollarama, Inc. | &nbsp;&nbsp; 122825 | &nbsp;&nbsp; 18357306 |
| Intact Financial Corp. | &nbsp;&nbsp; 87879 | &nbsp;&nbsp; 18294173 |
| Lundin Gold, Inc. | &nbsp;&nbsp; 146930 | &nbsp;&nbsp; 12205718 |
| **Total** | **Total** | &nbsp;&nbsp; **73614058** |
| **Chile 0.4%** | **Chile 0.4%** | **Chile 0.4%** |
| Antofagasta PLC | &nbsp;&nbsp; 119390 | &nbsp;&nbsp; 5244268 |
| **China 1.8%** | **China 1.8%** | **China 1.8%** |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 117400 | &nbsp;&nbsp; 9009691 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 219150 | &nbsp;&nbsp; 15713369 |
| **Total** | **Total** | &nbsp;&nbsp; **24723060** |
| **Denmark 0.9%** | **Denmark 0.9%** | **Denmark 0.9%** |
| Coloplast A/S, Class B | &nbsp;&nbsp; 78800 | &nbsp;&nbsp; 6755938 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 111800 | &nbsp;&nbsp; 5670326 |
| **Total** | **Total** | &nbsp;&nbsp; **12426264** |
| **Finland 0.6%** | **Finland 0.6%** | **Finland 0.6%** |
| KONE OYJ, Class B | &nbsp;&nbsp; 115800 | &nbsp;&nbsp; 8203614 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **France 6.6%** | **France 6.6%** | **France 6.6%** |
| Air Liquide SA | &nbsp;&nbsp; 39700 | &nbsp;&nbsp; 7461773 |
| Dassault Systemes SE | &nbsp;&nbsp; 195400 | &nbsp;&nbsp; 5459135 |
| Hermes International SCA | &nbsp;&nbsp; 6501 | &nbsp;&nbsp; 16141012 |
| L'Oreal SA | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 7985277 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 8818708 |
| Safran SA | &nbsp;&nbsp; 57911 | &nbsp;&nbsp; 20171390 |
| Schneider Electric SE | &nbsp;&nbsp; 20850 | &nbsp;&nbsp; 5704044 |
| TotalEnergies SE | &nbsp;&nbsp; 110800 | &nbsp;&nbsp; 7223940 |
| VINCI SA | &nbsp;&nbsp; 75491 | &nbsp;&nbsp; 10620308 |
| **Total** | **Total** | &nbsp;&nbsp; **89585587** |
| **Germany 5.9%** | **Germany 5.9%** | **Germany 5.9%** |
| Adidas AG | &nbsp;&nbsp; 22050 | &nbsp;&nbsp; 4363386 |
| Heidelberg Materials AG | &nbsp;&nbsp; 98138 | &nbsp;&nbsp; 25442968 |
| Infineon Technologies AG | &nbsp;&nbsp; 173300 | &nbsp;&nbsp; 7561246 |
| Merck KGaA | &nbsp;&nbsp; 49100 | &nbsp;&nbsp; 7007712 |
| MTU Aero Engines AG | &nbsp;&nbsp; 5991 | &nbsp;&nbsp; 2483438 |
| Rheinmetall AG | &nbsp;&nbsp; 7764 | &nbsp;&nbsp; 14164601 |
| SAP SE | &nbsp;&nbsp; 78421 | &nbsp;&nbsp; 19053835 |
| **Total** | **Total** | &nbsp;&nbsp; **80077186** |
| **Hong Kong 4.0%** | **Hong Kong 4.0%** | **Hong Kong 4.0%** |
| AIA Group Ltd. | &nbsp;&nbsp; 3074400 | &nbsp;&nbsp; 31645087 |
| Hong Kong Exchanges and Clearing Ltd. | &nbsp;&nbsp; 311600 | &nbsp;&nbsp; 16303334 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 89700 | &nbsp;&nbsp; 6121601 |
| **Total** | **Total** | &nbsp;&nbsp; **54070022** |
| **India 2.9%** | **India 2.9%** | **India 2.9%** |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 2138999 | &nbsp;&nbsp; 9521117 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 769671 | &nbsp;&nbsp; 18065319 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 799845 | &nbsp;&nbsp; 11970945 |
| **Total** | **Total** | &nbsp;&nbsp; **39557381** |
| **Italy 5.8%** | **Italy 5.8%** | **Italy 5.8%** |
| Enel SpA | &nbsp;&nbsp; 2123695 | &nbsp;&nbsp; 22080769 |
| Ferrari NV | &nbsp;&nbsp; 24691 | &nbsp;&nbsp; 9124806 |
| Ferrari NV | &nbsp;&nbsp; 17100 | &nbsp;&nbsp; 6354604 |
| Prysmian SpA | &nbsp;&nbsp; 210595 | &nbsp;&nbsp; 21008400 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 79900 | &nbsp;&nbsp; 4535828 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| UniCredit SpA | &nbsp;&nbsp; 200170 | &nbsp;&nbsp; 16579421 |
| **Total** | **Total** | &nbsp;&nbsp; **79683828** |
| **Japan 16.6%** | **Japan 16.6%** | **Japan 16.6%** |
| Asics Corp. | &nbsp;&nbsp; 590500 | &nbsp;&nbsp; 14175820 |
| Capcom Co., Ltd. | &nbsp;&nbsp; 127300 | &nbsp;&nbsp; 2957057 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 45300 | &nbsp;&nbsp; 5793500 |
| Disco Corp. | &nbsp;&nbsp; 22100 | &nbsp;&nbsp; 6733036 |
| Fujikura Ltd. | &nbsp;&nbsp; 201600 | &nbsp;&nbsp; 22356519 |
| Hitachi Ltd. | &nbsp;&nbsp; 713300 | &nbsp;&nbsp; 22370209 |
| Hoya Corp. | &nbsp;&nbsp; 54700 | &nbsp;&nbsp; 8296327 |
| IHI Corp. | &nbsp;&nbsp; 1237000 | &nbsp;&nbsp; 21747195 |
| Keyence Corp. | &nbsp;&nbsp; 21400 | &nbsp;&nbsp; 7740915 |
| MonotaRO Co., Ltd | &nbsp;&nbsp; 268200 | &nbsp;&nbsp; 4270605 |
| Murata Manufacturing Co., Ltd. | &nbsp;&nbsp; 1465500 | &nbsp;&nbsp; 30288889 |
| NEC Corp. | &nbsp;&nbsp; 481200 | &nbsp;&nbsp; 16281646 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 20930043 |
| Obic Co., Ltd. | &nbsp;&nbsp; 161000 | &nbsp;&nbsp; 5053577 |
| Shimadzu Corp. | &nbsp;&nbsp; 130700 | &nbsp;&nbsp; 3479444 |
| Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp; 223100 | &nbsp;&nbsp; 6929743 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 656000 | &nbsp;&nbsp; 21097889 |
| Terumo Corp. | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 5450691 |
| **Total** | **Total** | &nbsp;&nbsp; **225953105** |
| **Netherlands 6.2%** | **Netherlands 6.2%** | **Netherlands 6.2%** |
| Argenx SE, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 15948 | &nbsp;&nbsp; 13411471 |
| ASML Holding NV | &nbsp;&nbsp; 34327 | &nbsp;&nbsp; 36988035 |
| Prosus NV, Class N<sup>(a)</sup> <br>| &nbsp;&nbsp; 362934 | &nbsp;&nbsp; 22472503 |
| Universal Music Group NV | &nbsp;&nbsp; 272600 | &nbsp;&nbsp; 7106637 |
| Wolters Kluwer NV | &nbsp;&nbsp; 47300 | &nbsp;&nbsp; 4899169 |
| **Total** | **Total** | &nbsp;&nbsp; **84877815** |
| **Singapore 2.4%** | **Singapore 2.4%** | **Singapore 2.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 3239724 | &nbsp;&nbsp; 7122768 |
| Sea Ltd. ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 125958 | &nbsp;&nbsp; 16068462 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 2750400 | &nbsp;&nbsp; 9730913 |
| **Total** | **Total** | &nbsp;&nbsp; **32922143** |
| **South Korea 2.9%** | **South Korea 2.9%** | **South Korea 2.9%** |
| SK Hynix, Inc. | &nbsp;&nbsp; 89121 | &nbsp;&nbsp; 40360956 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Spain 4.8%** | **Spain 4.8%** | **Spain 4.8%** |
| Amadeus IT Group SA, Class A | &nbsp;&nbsp; 91600 | &nbsp;&nbsp; 6779411 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1131672 | &nbsp;&nbsp; 26545879 |
| Iberdrola SA | &nbsp;&nbsp; 993495 | &nbsp;&nbsp; 21512540 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 155200 | &nbsp;&nbsp; 10237719 |
| **Total** | **Total** | &nbsp;&nbsp; **65075549** |
| **Sweden 0.5%** | **Sweden 0.5%** | **Sweden 0.5%** |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 423300 | &nbsp;&nbsp; 6767177 |
| **Switzerland 8.5%** | **Switzerland 8.5%** | **Switzerland 8.5%** |
| ABB Ltd. | &nbsp;&nbsp; 284662 | &nbsp;&nbsp; 20984585 |
| Alcon, Inc. | &nbsp;&nbsp; 86000 | &nbsp;&nbsp; 6805018 |
| Galderma Group AG | &nbsp;&nbsp; 70052 | &nbsp;&nbsp; 14264889 |
| Lonza Group AG, Registered Shares | &nbsp;&nbsp; 32911 | &nbsp;&nbsp; 22189252 |
| Roche Holding AG, Genusschein Shares | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 9828693 |
| Sandoz Group AG, ADR | &nbsp;&nbsp; 371570 | &nbsp;&nbsp; 26978277 |
| SGS SA, Registered Shares | &nbsp;&nbsp; 68000 | &nbsp;&nbsp; 7800126 |
| VAT Group AG | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 6529359 |
| **Total** | **Total** | &nbsp;&nbsp; **115380199** |
| **Taiwan 5.3%** | **Taiwan 5.3%** | **Taiwan 5.3%** |
| Accton Technology Corp. | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 13396635 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp; 884000 | &nbsp;&nbsp; 43455040 |
| Taiwan Semiconductor Manufacturing Co., Ltd., <br> ADR<br>| &nbsp;&nbsp; 51180 | &nbsp;&nbsp; 15553090 |
| **Total** | **Total** | &nbsp;&nbsp; **72404765** |
| **United Kingdom 12.1%** | **United Kingdom 12.1%** | **United Kingdom 12.1%** |
| 3i Group PLC | &nbsp;&nbsp; 405912 | &nbsp;&nbsp; 17798769 |
| AstraZeneca PLC | &nbsp;&nbsp; 120473 | &nbsp;&nbsp; 22294655 |
| BAE Systems PLC | &nbsp;&nbsp; 638080 | &nbsp;&nbsp; 14685447 |
| Barclays Bank PLC | &nbsp;&nbsp; 3751245 | &nbsp;&nbsp; 24012202 |
| Compass Group PLC | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 7445987 |
| Diploma PLC | &nbsp;&nbsp; 340134 | &nbsp;&nbsp; 24199896 |
| Experian PLC | &nbsp;&nbsp; 178900 | &nbsp;&nbsp; 8065990 |
| Halma PLC | &nbsp;&nbsp; 441098 | &nbsp;&nbsp; 20936660 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 101022 | &nbsp;&nbsp; 12151786 |
| National Grid PLC | &nbsp;&nbsp; 450800 | &nbsp;&nbsp; 6914588 |
| Sage Group PLC (The) | &nbsp;&nbsp; 460500 | &nbsp;&nbsp; 6697737 |
| **Total** | **Total** | &nbsp;&nbsp; **165203717** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **United States 0.6%** | **United States 0.6%** | **United States 0.6%** |
| Spotify Technology SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 14524 | &nbsp;&nbsp; 8434232 |
| Total Common Stocks <br>(Cost $1,108,070,675) | Total Common Stocks <br>(Cost $1,108,070,675) | &nbsp;&nbsp; **1359957649** |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 2203613 | &nbsp;&nbsp; 2202952 |
| Total Money Market Funds <br>(Cost $2,202,952) | Total Money Market Funds <br>(Cost $2,202,952) | &nbsp;&nbsp; **2202952** |
| **Total Investments in Securities** <br>**(Cost $1,110,273,627)** | **Total Investments in Securities** <br>**(Cost $1,110,273,627)** | &nbsp;&nbsp; **1362160601** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **1199715** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$1363360316** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 14730881 | &nbsp;&nbsp; 442258250 | &nbsp;&nbsp; (454786179)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2202952 | &nbsp;&nbsp; (516)<br>| &nbsp;&nbsp; 895668 | &nbsp;&nbsp; 2203613 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  | &nbsp;&nbsp;&nbsp;&nbsp; 13756333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13756333 |
| Austria |  | &nbsp;&nbsp;&nbsp;&nbsp; 23088328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23088328 |
| Belgium |  | &nbsp;&nbsp;&nbsp;&nbsp; 17308284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17308284 |
| Brazil | 21239778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21239778 |
| Canada | 73614058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73614058 |
| Chile |  | &nbsp;&nbsp;&nbsp;&nbsp; 5244268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5244268 |
| China |  | &nbsp;&nbsp;&nbsp;&nbsp; 24723060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24723060 |
| Denmark |  | &nbsp;&nbsp;&nbsp;&nbsp; 12426264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12426264 |
| Finland |  | &nbsp;&nbsp;&nbsp;&nbsp; 8203614 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8203614 |
| France |  | &nbsp;&nbsp;&nbsp;&nbsp; 89585587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89585587 |
| Germany |  | &nbsp;&nbsp;&nbsp;&nbsp; 80077186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80077186 |
| Hong Kong |  | &nbsp;&nbsp;&nbsp;&nbsp; 54070022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54070022 |
| India |  | &nbsp;&nbsp;&nbsp;&nbsp; 39557381 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39557381 |
| Italy | 9124806 | &nbsp;&nbsp;&nbsp;&nbsp; 70559022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79683828 |
| Japan |  | &nbsp;&nbsp;&nbsp;&nbsp; 225953105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 225953105 |
| Netherlands | 13411471 | &nbsp;&nbsp;&nbsp;&nbsp; 71466344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84877815 |
| Singapore | 16068462 | &nbsp;&nbsp;&nbsp;&nbsp; 16853681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32922143 |
| South Korea |  | &nbsp;&nbsp;&nbsp;&nbsp; 40360956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40360956 |
| Spain |  | &nbsp;&nbsp;&nbsp;&nbsp; 65075549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65075549 |
| Sweden |  | &nbsp;&nbsp;&nbsp;&nbsp; 6767177 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6767177 |
| Switzerland | 7800126 | &nbsp;&nbsp;&nbsp;&nbsp; 107580073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115380199 |
| Taiwan | 15553090 | &nbsp;&nbsp;&nbsp;&nbsp; 56851675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72404765 |
| United Kingdom |  | &nbsp;&nbsp;&nbsp;&nbsp; 165203717 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165203717 |
| United States | 8434232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8434232 |
| Total Common Stocks | 165246023 | &nbsp;&nbsp;&nbsp;&nbsp; 1194711626 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1359957649 |
| Money Market Funds | 2202952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2202952 |
| Total Investments in Securities | 167448975 | &nbsp;&nbsp;&nbsp;&nbsp; 1194711626 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1362160601 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,108,070,675) | $1359957649 |
| Affiliated issuers (cost $2,202,952) | 2202952 |
| Foreign currency (cost $18,101) | 18101 |
| Receivable for: |  |
| Investments sold | 5090581 |
| Capital shares sold | 4701 |
| Dividends | 725097 |
| Foreign tax reclaims | 3163032 |
| Expense reimbursement due from Investment Manager | 3438 |
| Prepaid expenses | 5920 |
| Total assets | 1371171471 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 1540702 |
| Foreign capital gains taxes deferred | 956253 |
| Management services fees | 32982 |
| Distribution and/or service fees | 296 |
| Service fees | 2647 |
| Compensation of chief compliance officer | 220 |
| Interfund lending | 5000000 |
| Compensation of board members | 1033 |
| Other expenses | 72137 |
| Deferred compensation of board members | 204885 |
| Total liabilities | 7811155 |
| **Net assets applicable to outstanding capital stock** | **$1363360316** |
| **Represented by** |  |
| Paid in capital | 1054231929 |
| Total distributable earnings (loss) | 309128387 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1363360316** |
| **Class 1** |  |
| Net assets | $1320339171 |
| Shares outstanding | 100942909 |
| Net asset value per share | $13.08 |
| **Class 2** |  |
| Net assets | $43021145 |
| Shares outstanding | 3330592 |
| Net asset value per share | $12.92 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $24476529 |
| Dividends — affiliated issuers | 895668 |
| Interfund lending | 1936 |
| European Union tax reclaim | 162209 |
| Foreign taxes withheld | (2575972)<br>|
| Total income | 22960370 |
| Expenses: |  |
| Management services fees | 11700325 |
| Distribution and/or service fees |  |
| Class 2 | 103896 |
| Service fees | 29902 |
| Custodian fees | 137130 |
| Printing and postage fees | 11160 |
| Accounting services fees | 49151 |
| Legal fees | 39498 |
| Interest on interfund lending | 393 |
| Compensation of chief compliance officer | 211 |
| Compensation of board members | 25018 |
| Deferred compensation of board members | 31473 |
| Other | 115669 |
| Total expenses | 12243826 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (1150828)<br>|
| Total net expenses | 11092998 |
| **Net investment income** | 11867372 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 55284639 |
| Investments — affiliated issuers | (516)<br>|
| Foreign currency translations | (1442878)<br>|
| Net realized gain | 53841245 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 153549795 |
| Foreign currency translations | 408252 |
| Foreign capital gains tax | (499742)<br>|
| Net change in unrealized appreciation (depreciation) | 153458305 |
| Net realized and unrealized gain | 207299550 |
| **Net increase in net assets resulting from operations** | **$219166922** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $11867372 | &nbsp;&nbsp; $10543446 |
| Net realized gain | 53841245 | &nbsp;&nbsp; 80868485 |
| Net change in unrealized appreciation (depreciation) | 153458305 | &nbsp;&nbsp; (101529876)<br>|
| Net increase (decrease) in net assets resulting from operations | 219166922 | &nbsp;&nbsp; (10117945)<br>|
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class 1 | (19723990)<br>| &nbsp;&nbsp; (9238876)<br>|
| Class 2 | (536278)<br>| &nbsp;&nbsp; (198868)<br>|
| Total distributions to shareholders | (20260268)<br>| &nbsp;&nbsp; (9437744)<br>|
| Decrease in net assets from capital stock activity | (126533981)<br>| &nbsp;&nbsp; (85043720)<br>|
| Total increase (decrease) in net assets | 72372673 | &nbsp;&nbsp; (104599409)<br>|
| Net assets at beginning of year | 1290987643 | &nbsp;&nbsp; 1395587052 |
| **Net assets at end of year** | **$1363360316** | &nbsp;&nbsp; **$1290987643** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 319206 | &nbsp;&nbsp;&nbsp;&nbsp; 3872762 | &nbsp;&nbsp;&nbsp;&nbsp; 4067170 | &nbsp;&nbsp;&nbsp;&nbsp; 48355352 |
| Distributions reinvested | 1640944 | &nbsp;&nbsp;&nbsp;&nbsp; 19723990 | &nbsp;&nbsp;&nbsp;&nbsp; 760401 | &nbsp;&nbsp;&nbsp;&nbsp; 9238876 |
| Shares redeemed | (11916670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146854303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11674913)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140828997)<br>|
| Net decrease | (9956520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (123257551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6847342)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83234769)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 143874 | &nbsp;&nbsp;&nbsp;&nbsp; 1755248 | &nbsp;&nbsp;&nbsp;&nbsp; 215405 | &nbsp;&nbsp;&nbsp;&nbsp; 2540354 |
| Distributions reinvested | 44627 | &nbsp;&nbsp;&nbsp;&nbsp; 536278 | &nbsp;&nbsp;&nbsp;&nbsp; 16545 | &nbsp;&nbsp;&nbsp;&nbsp; 198868 |
| Shares redeemed | (463077)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5567956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (386540)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4548173)<br>|
| Net decrease | (274576)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3276430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (154590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1808951)<br>|
| **Total net decrease** | **(10231096)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(126533981)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(7001932)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(85043720)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners International Growth Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $11.28<br>| 0.11 <br><sup>(c)</sup><br>| 1.88<br>| 1.99<br>| &nbsp;&nbsp; (0.09) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.19) <br>|
| Year Ended 12/31/2024 | $11.49<br>| 0.09 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.08) <br>|
| Year Ended 12/31/2023 | $10.06<br>| 0.09 <br><sup>(c)</sup><br>| 1.39<br>| 1.48<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 12/31/2022 | $14.64<br>| 0.07 <br><sup>(e)</sup><br>| &nbsp;&nbsp; (4.00) <br>| &nbsp;&nbsp; (3.93) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp; (0.65) <br>|
| Year Ended 12/31/2021 | $13.86<br>| 0.01<br>| 1.44<br>| 1.45<br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (0.66) <br>| &nbsp;&nbsp; (0.67) <br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $11.14<br>| 0.08 <br><sup>(c)</sup><br>| 1.86<br>| 1.94<br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.16) <br>|
| Year Ended 12/31/2024 | $11.35<br>| 0.06 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 12/31/2023 | $9.94<br>| 0.06 <br><sup>(c)</sup><br>| 1.38<br>| 1.44<br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.03) <br>|
| Year Ended 12/31/2022 | $14.51<br>| 0.04 <br><sup>(e)</sup><br>| &nbsp;&nbsp; (3.96) <br>| &nbsp;&nbsp; (3.92) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp; (0.65) <br>|
| Year Ended 12/31/2021 | $13.77<br>| &nbsp;&nbsp; (0.03) <br>| 1.43<br>| 1.40<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.66) <br>| &nbsp;&nbsp; (0.66) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Includes income resulting from European Union tax reclaims, net of an IRS closing agreement for European Union tax reclaims, if applicable. The effect of these amounted to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Class** | **Net Investment income per share ($)** | **Net Investment income ratio (%)** |
| **Year Ended 12/31/2025** |  |  |
| Class 1 | lessthan<br> 0.01<br>| 0.01 |
| Class 2 | lessthan<br> 0.01<br>| 0.01 |
| **Year Ended 12/31/2024** |  |  |
| Class 1 | 0.01 | 0.06 |
| Class 2 | 0.01 | 0.06 |
| **Year Ended 12/31/2023** |  |  |
| Class 1 | 0.01 | 0.06 |
| Class 2 | 0.01 | 0.06 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios include interfund lending expense which is less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Net investment income per share includes European Union tax reclaims. The effect of these reclaims amounted to $0.01 per share.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1320339<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1250830<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $11.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1352909<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26.69%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1145609<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $14.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1510036<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $12.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43021<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.41%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40157<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $11.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42678<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26.87%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39292<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $14.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54022<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Variable Portfolio – Partners International Growth Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Variable Portfolio – Partners International Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a

Variable Portfolio – Partners International Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, because the Fund meets the exception under Internal Revenue Code Section 4982(f), the Fund expects not to be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

**Distributions to subaccounts**

Distributions to the subaccounts of Contracts, Qualified Plans and Qualified Investors are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income, if any, are declared and distributed quarterly. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to registered investment companies. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. All dividends and distributions are reinvested in additional shares of the applicable share class of the Fund at the net asset value as of the ex-dividend date of the distribution.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.92% to 0.75% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.88% of the Fund's average daily net assets.

**Subadvisory agreements** 

The Investment Manager has entered into Subadvisory Agreements with Walter Scott & Partners Limited and William Blair Investment Management, LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating

Variable Portfolio – Partners International Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, trustees' deferred compensation, foreign currency transactions and foreign capital gains tax. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| (1229563)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1056844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172719 |

---

Variable Portfolio – Partners International Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 9802789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10457479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20260268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9437744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9437744 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 10430837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52933038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246589747 |

---

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1115570854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269427238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22837491)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246589747 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $901,453,130 and $1,024,526,844, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 1580000 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Lender | 7200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

Interest income earned and interest expense incurred by the Fund are recorded as Interfund lending and Interest on interfund lending, respectively, in the Statement of Operations. The Fund had an outstanding interfund loan balance at December 31, 2025 as shown in the Statement of Assets and Liabilities. The loans are unsecured.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances,

Variable Portfolio – Partners International Growth Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners International Growth Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners International Growth Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Partners International Growth Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Capital** <br>**gain** <br>**dividend**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**taxes paid** <br>**per share** <br>**to foreign** <br>**countries**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign** <br>**source** <br>**income** <br>**per share**<br>|
| $55916056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2997741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24386166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.23 |

---

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

The Fund (or fund in which the Fund invests) has received a refund of foreign taxes previously reported and passed through in prior years (a "foreign tax redetermination"). Shareholders who claimed foreign tax credits with respect to such foreign taxes previously reported in prior years may also have a foreign tax redetermination and may need to file amended tax returns to account for such taxes refunded to the Fund. The amount of tax refunded, and years to which the tax relates, are available on the Taxes & Distributions page of columbiathreadneedleus.com/investor/, along with certain other information about the refunded tax. See your tax advisor. The amounts reported in the table above have not been reduced for any foreign tax redeterminations.

Foreign taxes are deemed to be passed through to shareholders with dividends paid after the close of the taxable year, on the next regularly scheduled distribution date of March 30, 2026.

Variable Portfolio – Partners International Growth Fund \| 2025

------

**Variable Portfolio – Partners International Growth Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812img83e519c22.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7055_12_E01_(02/26)

------

![](g245812img84ae32bb1.jpg)

Variable Portfolio – Partners Core Equity Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_fe615a74-2c53-45e3-aff1-7e928689468c_POI-CommonContent-Date-329_1) | 3 |
| [Statement of Assets and Liabilities](#xx_fe615a74-2c53-45e3-aff1-7e928689468c_FS-CommonContent-Date-329_1) | 8 |
| [Statement of Operations](#xx_fe615a74-2c53-45e3-aff1-7e928689468c_FS-CommonContent-Date-329_2) | 9 |
| [Statement of Changes in Net Assets](#xx_fe615a74-2c53-45e3-aff1-7e928689468c_FS-CommonContent-Date-329_3) | 10 |
| [Financial Highlights](#xx_fe615a74-2c53-45e3-aff1-7e928689468c_FIHI-CommonContent-Date-329_2) | 12 |
| [Notes to Financial Statements](#xx_fe615a74-2c53-45e3-aff1-7e928689468c_NTF-CommonContent-Date-329_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_fe615a74-2c53-45e3-aff1-7e928689468c_AUD-CommonContent-Date-329_1) | 23 |

---

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.6%** | **Common Stocks 99.6%** | **Common Stocks 99.6%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 10.2%** | **Communication Services 10.2%** | **Communication Services 10.2%** |
| **Entertainment 1.6%** | **Entertainment 1.6%** | **Entertainment 1.6%** |
| Netflix, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 123128 | &nbsp;&nbsp; 11544481 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 207047 | &nbsp;&nbsp; 23555737 |
| Total |  | &nbsp;&nbsp; 35100218 |
| **Interactive Media & Services 8.0%** | **Interactive Media & Services 8.0%** | **Interactive Media & Services 8.0%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 174795 | &nbsp;&nbsp; 54710835 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 206465 | &nbsp;&nbsp; 64788717 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 83013 | &nbsp;&nbsp; 54796051 |
| Total |  | &nbsp;&nbsp; 174295603 |
| **Wireless Telecommunication Services 0.6%** | **Wireless Telecommunication Services 0.6%** | **Wireless Telecommunication Services 0.6%** |
| T-Mobile US, Inc. | &nbsp;&nbsp; 61340 | &nbsp;&nbsp; 12454474 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **221850295** |
| **Consumer Discretionary 11.1%** | **Consumer Discretionary 11.1%** | **Consumer Discretionary 11.1%** |
| **Automobiles 0.8%** | **Automobiles 0.8%** | **Automobiles 0.8%** |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 40202 | &nbsp;&nbsp; 18079643 |
| **Broadline Retail 3.6%** | **Broadline Retail 3.6%** | **Broadline Retail 3.6%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 342733 | &nbsp;&nbsp; 79109631 |
| **Hotels, Restaurants & Leisure 3.0%** | **Hotels, Restaurants & Leisure 3.0%** | **Hotels, Restaurants & Leisure 3.0%** |
| Booking Holdings, Inc. | &nbsp;&nbsp; 2078 | &nbsp;&nbsp; 11128376 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 135285 | &nbsp;&nbsp; 5005545 |
| DoorDash, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 53295 | &nbsp;&nbsp; 12070252 |
| Marriott International, Inc., Class A | &nbsp;&nbsp; 19538 | &nbsp;&nbsp; 6061469 |
| McDonald's Corp. | &nbsp;&nbsp; 101688 | &nbsp;&nbsp; 31078903 |
| Total |  | &nbsp;&nbsp; 65344545 |
| **Household Durables 0.4%** | **Household Durables 0.4%** | **Household Durables 0.4%** |
| PulteGroup, Inc. | &nbsp;&nbsp; 63342 | &nbsp;&nbsp; 7427483 |
| **Specialty Retail 3.3%** | **Specialty Retail 3.3%** | **Specialty Retail 3.3%** |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 173908 | &nbsp;&nbsp; 41939653 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 76834 | &nbsp;&nbsp; 7008029 |
| TJX Companies, Inc. (The) | &nbsp;&nbsp; 82495 | &nbsp;&nbsp; 12672057 |
| Ulta Beauty, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 17439 | &nbsp;&nbsp; 10550770 |
| Total |  | &nbsp;&nbsp; 72170509 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **242131811** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Staples 3.6%** | **Consumer Staples 3.6%** | **Consumer Staples 3.6%** |
| **Beverages 0.4%** | **Beverages 0.4%** | **Beverages 0.4%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 140491 | &nbsp;&nbsp; 9821726 |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| Dollar Tree, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 68062 | &nbsp;&nbsp; 8372307 |
| U.S. Foods Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 82157 | &nbsp;&nbsp; 6188065 |
| Walmart, Inc. | &nbsp;&nbsp; 205469 | &nbsp;&nbsp; 22891301 |
| Total |  | &nbsp;&nbsp; 37451673 |
| **Food Products 0.8%** | **Food Products 0.8%** | **Food Products 0.8%** |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 310751 | &nbsp;&nbsp; 16727726 |
| **Household Products 0.7%** | **Household Products 0.7%** | **Household Products 0.7%** |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 106136 | &nbsp;&nbsp; 15210350 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **79211475** |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| **Energy Equipment & Services 1.8%** | **Energy Equipment & Services 1.8%** | **Energy Equipment & Services 1.8%** |
| Baker Hughes Co. | &nbsp;&nbsp; 493301 | &nbsp;&nbsp; 22464928 |
| SLB Ltd. | &nbsp;&nbsp; 221303 | &nbsp;&nbsp; 8493609 |
| TechnipFMC PLC | &nbsp;&nbsp; 169975 | &nbsp;&nbsp; 7574086 |
| Total |  | &nbsp;&nbsp; 38532623 |
| **Oil, Gas & Consumable Fuels 1.1%** | **Oil, Gas & Consumable Fuels 1.1%** | **Oil, Gas & Consumable Fuels 1.1%** |
| ConocoPhillips Co. | &nbsp;&nbsp; 96268 | &nbsp;&nbsp; 9011648 |
| Expand Energy Corp. | &nbsp;&nbsp; 50562 | &nbsp;&nbsp; 5580022 |
| Valero Energy Corp. | &nbsp;&nbsp; 58389 | &nbsp;&nbsp; 9505145 |
| Total |  | &nbsp;&nbsp; 24096815 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **62629438** |
| **Financials 14.5%** | **Financials 14.5%** | **Financials 14.5%** |
| **Banks 3.9%** | **Banks 3.9%** | **Banks 3.9%** |
| Bank of America Corp. | &nbsp;&nbsp; 383927 | &nbsp;&nbsp; 21115985 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 69522 | &nbsp;&nbsp; 22401379 |
| U.S. Bancorp | &nbsp;&nbsp; 146910 | &nbsp;&nbsp; 7839118 |
| Wells Fargo & Co. | &nbsp;&nbsp; 366243 | &nbsp;&nbsp; 34133847 |
| Total |  | &nbsp;&nbsp; 85490329 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Capital Markets 3.4%** | **Capital Markets 3.4%** | **Capital Markets 3.4%** |
| Blackstone, Inc. | &nbsp;&nbsp; 126994 | &nbsp;&nbsp; 19574855 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 85316 | &nbsp;&nbsp; 8523922 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 15145 | &nbsp;&nbsp; 13312455 |
| Morgan Stanley | &nbsp;&nbsp; 87641 | &nbsp;&nbsp; 15558907 |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 36264 | &nbsp;&nbsp; 5823636 |
| S&P Global, Inc. | &nbsp;&nbsp; 9192 | &nbsp;&nbsp; 4803647 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp; 71936 | &nbsp;&nbsp; 7735997 |
| Total |  | &nbsp;&nbsp; 75333419 |
| **Consumer Finance 1.8%** | **Consumer Finance 1.8%** | **Consumer Finance 1.8%** |
| American Express Co. | &nbsp;&nbsp; 103613 | &nbsp;&nbsp; 38331629 |
| **Financial Services 2.8%** | **Financial Services 2.8%** | **Financial Services 2.8%** |
| MasterCard, Inc., Class A | &nbsp;&nbsp; 51523 | &nbsp;&nbsp; 29413450 |
| Visa, Inc., Class A | &nbsp;&nbsp; 88681 | &nbsp;&nbsp; 31101314 |
| Total |  | &nbsp;&nbsp; 60514764 |
| **Insurance 2.6%** | **Insurance 2.6%** | **Insurance 2.6%** |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 73175 | &nbsp;&nbsp; 18936958 |
| Chubb Ltd. | &nbsp;&nbsp; 30800 | &nbsp;&nbsp; 9613296 |
| Progressive Corp. (The) | &nbsp;&nbsp; 90470 | &nbsp;&nbsp; 20601828 |
| Travelers Companies, Inc. (The) | &nbsp;&nbsp; 27612 | &nbsp;&nbsp; 8009137 |
| Total |  | &nbsp;&nbsp; 57161219 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **316831360** |
| **Health Care 8.7%** | **Health Care 8.7%** | **Health Care 8.7%** |
| **Biotechnology 2.8%** | **Biotechnology 2.8%** | **Biotechnology 2.8%** |
| AbbVie, Inc. | &nbsp;&nbsp; 73748 | &nbsp;&nbsp; 16850680 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 106101 | &nbsp;&nbsp; 13022837 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 23118 | &nbsp;&nbsp; 17844091 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 28856 | &nbsp;&nbsp; 13082156 |
| Total |  | &nbsp;&nbsp; 60799764 |
| **Health Care Equipment & Supplies 2.5%** | **Health Care Equipment & Supplies 2.5%** | **Health Care Equipment & Supplies 2.5%** |
| Abbott Laboratories | &nbsp;&nbsp; 68770 | &nbsp;&nbsp; 8616193 |
| Edwards Lifesciences Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 171273 | &nbsp;&nbsp; 14601023 |
| Medtronic PLC | &nbsp;&nbsp; 157381 | &nbsp;&nbsp; 15118019 |
| STERIS PLC | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 532392 |
| Stryker Corp. | &nbsp;&nbsp; 43838 | &nbsp;&nbsp; 15407742 |
| Total |  | &nbsp;&nbsp; 54275369 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Providers & Services 2.1%** | **Health Care Providers & Services 2.1%** | **Health Care Providers & Services 2.1%** |
| Cencora, Inc. | &nbsp;&nbsp; 32254 | &nbsp;&nbsp; 10893788 |
| Elevance Health, Inc. | &nbsp;&nbsp; 25071 | &nbsp;&nbsp; 8788639 |
| Encompass Health Corp. | &nbsp;&nbsp; 64300 | &nbsp;&nbsp; 6824802 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 51384 | &nbsp;&nbsp; 8916666 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 33827 | &nbsp;&nbsp; 11166631 |
| Total |  | &nbsp;&nbsp; 46590526 |
| **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** |
| Mettler-Toledo International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6499 | &nbsp;&nbsp; 9060841 |
| **Pharmaceuticals 0.9%** | **Pharmaceuticals 0.9%** | **Pharmaceuticals 0.9%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 18010 | &nbsp;&nbsp; 19354987 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **190081487** |
| **Industrials 8.6%** | **Industrials 8.6%** | **Industrials 8.6%** |
| **Aerospace & Defense 1.9%** | **Aerospace & Defense 1.9%** | **Aerospace & Defense 1.9%** |
| General Electric Co. | &nbsp;&nbsp; 36492 | &nbsp;&nbsp; 11240631 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 61391 | &nbsp;&nbsp; 12586383 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 32124 | &nbsp;&nbsp; 18317426 |
| Total |  | &nbsp;&nbsp; 42144440 |
| **Building Products 0.9%** | **Building Products 0.9%** | **Building Products 0.9%** |
| Carrier Global Corp. | &nbsp;&nbsp; 108841 | &nbsp;&nbsp; 5751158 |
| Trane Technologies PLC | &nbsp;&nbsp; 33795 | &nbsp;&nbsp; 13153014 |
| Total |  | &nbsp;&nbsp; 18904172 |
| **Commercial Services & Supplies 0.3%** | **Commercial Services & Supplies 0.3%** | **Commercial Services & Supplies 0.3%** |
| Republic Services, Inc. | &nbsp;&nbsp; 35923 | &nbsp;&nbsp; 7613161 |
| **Electrical Equipment 0.7%** | **Electrical Equipment 0.7%** | **Electrical Equipment 0.7%** |
| Eaton Corp. PLC | &nbsp;&nbsp; 45272 | &nbsp;&nbsp; 14419585 |
| **Ground Transportation 0.8%** | **Ground Transportation 0.8%** | **Ground Transportation 0.8%** |
| CSX Corp. | &nbsp;&nbsp; 257500 | &nbsp;&nbsp; 9334375 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 51167 | &nbsp;&nbsp; 8022986 |
| Total |  | &nbsp;&nbsp; 17357361 |
| **Machinery 2.9%** | **Machinery 2.9%** | **Machinery 2.9%** |
| Caterpillar, Inc. | &nbsp;&nbsp; 21443 | &nbsp;&nbsp; 12284051 |
| Deere & Co. | &nbsp;&nbsp; 52116 | &nbsp;&nbsp; 24263646 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 13027 | &nbsp;&nbsp; 11450212 |
| Pentair PLC | &nbsp;&nbsp; 84922 | &nbsp;&nbsp; 8843777 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 33000 | &nbsp;&nbsp; 7043850 |
| Total |  | &nbsp;&nbsp; 63885536 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Professional Services 0.8%** | **Professional Services 0.8%** | **Professional Services 0.8%** |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 81452 | &nbsp;&nbsp; 6871291 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 32581 | &nbsp;&nbsp; 7271102 |
| Equifax, Inc. | &nbsp;&nbsp; 18398 | &nbsp;&nbsp; 3991998 |
| Total |  | &nbsp;&nbsp; 18134391 |
| **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** |
| United Rentals, Inc. | &nbsp;&nbsp; 7959 | &nbsp;&nbsp; 6441378 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **188900024** |
| **Information Technology 34.1%** | **Information Technology 34.1%** | **Information Technology 34.1%** |
| **Communications Equipment 0.4%** | **Communications Equipment 0.4%** | **Communications Equipment 0.4%** |
| Arista Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 60120 | &nbsp;&nbsp; 7877524 |
| **Electronic Equipment, Instruments & Components 1.3%** | **Electronic Equipment, Instruments & Components 1.3%** | **Electronic Equipment, Instruments & Components 1.3%** |
| Amphenol Corp., Class A | &nbsp;&nbsp; 69709 | &nbsp;&nbsp; 9420474 |
| Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 46890 | &nbsp;&nbsp; 9527579 |
| TE Connectivity PLC | &nbsp;&nbsp; 42726 | &nbsp;&nbsp; 9720593 |
| Total |  | &nbsp;&nbsp; 28668646 |
| **Semiconductors & Semiconductor Equipment 14.4%** | **Semiconductors & Semiconductor Equipment 14.4%** | **Semiconductors & Semiconductor Equipment 14.4%** |
| Analog Devices, Inc. | &nbsp;&nbsp; 46132 | &nbsp;&nbsp; 12510999 |
| Broadcom, Inc. | &nbsp;&nbsp; 218489 | &nbsp;&nbsp; 75619043 |
| KLA Corp. | &nbsp;&nbsp; 13700 | &nbsp;&nbsp; 16646596 |
| NVIDIA Corp. | &nbsp;&nbsp; 1011976 | &nbsp;&nbsp; 188733524 |
| NXP Semiconductors NV | &nbsp;&nbsp; 94238 | &nbsp;&nbsp; 20455300 |
| Total |  | &nbsp;&nbsp; 313965462 |
| **Software 10.5%** | **Software 10.5%** | **Software 10.5%** |
| Intuit, Inc. | &nbsp;&nbsp; 18777 | &nbsp;&nbsp; 12438260 |
| Microsoft Corp. | &nbsp;&nbsp; 357359 | &nbsp;&nbsp; 172825960 |
| Oracle Corp. | &nbsp;&nbsp; 101629 | &nbsp;&nbsp; 19808508 |
| PTC, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 42956 | &nbsp;&nbsp; 7483365 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 6142794 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 78380 | &nbsp;&nbsp; 12007032 |
| Total |  | &nbsp;&nbsp; 230705919 |
| **Technology Hardware, Storage & Peripherals 7.5%** | **Technology Hardware, Storage & Peripherals 7.5%** | **Technology Hardware, Storage & Peripherals 7.5%** |
| Apple, Inc. | &nbsp;&nbsp; 607275 | &nbsp;&nbsp; 165093781 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **746311332** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| **Chemicals 0.6%** | **Chemicals 0.6%** | **Chemicals 0.6%** |
| Ecolab, Inc. | &nbsp;&nbsp; 7346 | &nbsp;&nbsp; 1928472 |
| Linde PLC | &nbsp;&nbsp; 26321 | &nbsp;&nbsp; 11223011 |
| Total |  | &nbsp;&nbsp; 13151483 |
| **Construction Materials 0.7%** | **Construction Materials 0.7%** | **Construction Materials 0.7%** |
| Vulcan Materials Co. | &nbsp;&nbsp; 57498 | &nbsp;&nbsp; 16399580 |
| **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** |
| Ball Corp. | &nbsp;&nbsp; 161204 | &nbsp;&nbsp; 8538976 |
| International Paper Co. | &nbsp;&nbsp; 62377 | &nbsp;&nbsp; 2457030 |
| Packaging Corp. of America | &nbsp;&nbsp; 47980 | &nbsp;&nbsp; 9894915 |
| Total |  | &nbsp;&nbsp; 20890921 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **50441984** |
| **Real Estate 1.1%** | **Real Estate 1.1%** | **Real Estate 1.1%** |
| **Health Care REITs 0.4%** | **Health Care REITs 0.4%** | **Health Care REITs 0.4%** |
| Welltower, Inc. | &nbsp;&nbsp; 48568 | &nbsp;&nbsp; 9014706 |
| **Industrial REITs 0.4%** | **Industrial REITs 0.4%** | **Industrial REITs 0.4%** |
| Prologis, Inc. | &nbsp;&nbsp; 63700 | &nbsp;&nbsp; 8131942 |
| **Residential REITs 0.3%** | **Residential REITs 0.3%** | **Residential REITs 0.3%** |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 110303 | &nbsp;&nbsp; 6685465 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **23832113** |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| **Electric Utilities 2.1%** | **Electric Utilities 2.1%** | **Electric Utilities 2.1%** |
| Entergy Corp. | &nbsp;&nbsp; 78995 | &nbsp;&nbsp; 7301508 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 257416 | &nbsp;&nbsp; 20665356 |
| Southern Co. (The) | &nbsp;&nbsp; 210410 | &nbsp;&nbsp; 18347752 |
| Total |  | &nbsp;&nbsp; 46314616 |
| **Gas Utilities 0.4%** | **Gas Utilities 0.4%** | **Gas Utilities 0.4%** |
| Atmos Energy Corp. | &nbsp;&nbsp; 54993 | &nbsp;&nbsp; 9218477 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **55533093** |
| Total Common Stocks <br>(Cost $1,707,343,528) | Total Common Stocks <br>(Cost $1,707,343,528) | &nbsp;&nbsp; **2177754412** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 14003612 | &nbsp;&nbsp; 13999411 |
| Total Money Market Funds <br>(Cost $13,999,469) | Total Money Market Funds <br>(Cost $13,999,469) | &nbsp;&nbsp; **13999411** |
| **Total Investments in Securities** <br>**(Cost: $1,721,342,997)** | **Total Investments in Securities** <br>**(Cost: $1,721,342,997)** | &nbsp;&nbsp; **2191753823** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(4341856)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2187411967** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 8385438 | &nbsp;&nbsp; 337066577 | &nbsp;&nbsp; (331452546)<br>| &nbsp;&nbsp; (58)<br>| &nbsp;&nbsp; 13999411 | &nbsp;&nbsp; (1145)<br>| &nbsp;&nbsp; 434311 | &nbsp;&nbsp; 14003612 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 221850295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221850295 |
| Consumer Discretionary | 242131811 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 242131811 |
| Consumer Staples | 79211475 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79211475 |
| Energy | 62629438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62629438 |
| Financials | 316831360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316831360 |
| Health Care | 190081487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 190081487 |
| Industrials | 188900024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 188900024 |
| Information Technology | 746311332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 746311332 |
| Materials | 50441984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50441984 |
| Real Estate | 23832113 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23832113 |
| Utilities | 55533093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55533093 |
| Total Common Stocks | 2177754412 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2177754412 |
| Money Market Funds | 13999411 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13999411 |
| Total Investments in Securities | 2191753823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2191753823 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,707,343,528) | $2177754412 |
| Affiliated issuers (cost $13,999,469) | 13999411 |
| Cash | 3038 |
| Receivable for: |  |
| Investments sold | 1766662 |
| Capital shares sold | 249 |
| Dividends | 1106619 |
| Foreign tax reclaims | 27935 |
| Expense reimbursement due from Investment Manager | 1181 |
| Prepaid expenses | 9269 |
| Total assets | 2194668776 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 4486583 |
| Capital shares redeemed | 2342071 |
| Management services fees | 41591 |
| Distribution and/or service fees | 209 |
| Service fees | 2379 |
| Compensation of chief compliance officer | 371 |
| Compensation of board members | 1439 |
| Other expenses | 61785 |
| Deferred compensation of board members | 320381 |
| Total liabilities | 7256809 |
| **Net assets applicable to outstanding capital stock** | **$2187411967** |
| **Represented by** |  |
| Trust capital | $2187411967 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2187411967** |
| **Class 1** |  |
| Net assets | $2143206967 |
| Shares outstanding | 41100504 |
| Net asset value per share | $52.15 |
| **Class 2** |  |
| Net assets | $16382112 |
| Shares outstanding | 326239 |
| Net asset value per share | $50.22 |
| **Class 3** |  |
| Net assets | $27822888 |
| Shares outstanding | 544035 |
| Net asset value per share | $51.14 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $24867822 |
| Dividends — affiliated issuers | 434311 |
| Foreign taxes withheld | (94356)<br>|
| Total income | 25207777 |
| Expenses: |  |
| Management services fees | 15488664 |
| Distribution and/or service fees |  |
| Class 2 | 38197 |
| Class 3 | 34533 |
| Service fees | 27760 |
| Custodian fees | 31998 |
| Printing and postage fees | 11679 |
| Accounting services fees | 57423 |
| Legal fees | 54827 |
| Interest on interfund lending | 739 |
| Compensation of chief compliance officer | 288 |
| Compensation of board members | 35097 |
| Deferred compensation of board members | 50224 |
| Other | 39963 |
| Total expenses | 15871392 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (453450)<br>|
| Total net expenses | 15417942 |
| **Net investment income** | 9789835 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 281457764 |
| Investments — affiliated issuers | (1145)<br>|
| Futures contracts | 324578 |
| Net realized gain | 281781197 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | (5169226)<br>|
| Investments — affiliated issuers | (58)<br>|
| Net change in unrealized appreciation (depreciation) | (5169284)<br>|
| Net realized and unrealized gain | 276611913 |
| **Net increase in net assets resulting from operations** | **$286401748** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $9789835 | &nbsp;&nbsp; $15017446 |
| Net realized gain | 281781197 | &nbsp;&nbsp; 577661365 |
| Net change in unrealized appreciation (depreciation) | (5169284)<br>| &nbsp;&nbsp; 42888757 |
| Net increase in net assets resulting from operations | 286401748 | &nbsp;&nbsp; 635567568 |
| Decrease in net assets from capital stock activity | (387232724)<br>| &nbsp;&nbsp; (1148011494)<br>|
| Total decrease in net assets | (100830976)<br>| &nbsp;&nbsp; (512443926)<br>|
| Net assets at beginning of year | 2288242943 | &nbsp;&nbsp; 2800686869 |
| **Net assets at end of year** | **$2187411967** | &nbsp;&nbsp; **$2288242943** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 110183 | &nbsp;&nbsp;&nbsp;&nbsp; 5030858 | &nbsp;&nbsp;&nbsp;&nbsp; 71511 | &nbsp;&nbsp;&nbsp;&nbsp; 3088741 |
| Shares redeemed | (7830161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (387470309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25349507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1145585632)<br>|
| Net decrease | (7719978)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (382439451)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25277996)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1142496891)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 43130 | &nbsp;&nbsp;&nbsp;&nbsp; 1872981 | &nbsp;&nbsp;&nbsp;&nbsp; 28657 | &nbsp;&nbsp;&nbsp;&nbsp; 1219281 |
| Shares redeemed | (51384)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2375673)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1989414)<br>|
| Net decrease | (8254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (502692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (770133)<br>|
| Class 3 |  |  |  |  |
| Shares sold | 5606 | &nbsp;&nbsp;&nbsp;&nbsp; 243980 | &nbsp;&nbsp;&nbsp;&nbsp; 14339 | &nbsp;&nbsp;&nbsp;&nbsp; 590234 |
| Shares redeemed | (96821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4534561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5334704)<br>|
| Net decrease | (91215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4290581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (113290)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4744470)<br>|
| **Total net decrease** | **(7819447)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(387232724)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(25410387)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1148011494)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $45.98<br>| 0.21<br>| 5.96<br>| 6.17<br>|
| Year Ended 12/31/2024 | $37.25<br>| 0.22<br>| 8.51<br>| 8.73<br>|
| Year Ended 12/31/2023 | $29.87<br>| 0.27<br>| 7.11<br>| 7.38<br>|
| Year Ended 12/31/2022 | $36.14<br>| 0.22<br>| &nbsp;&nbsp; (6.49) <br>| &nbsp;&nbsp; (6.27) <br>|
| Year Ended 12/31/2021 | $27.91<br>| 0.16<br>| 8.07<br>| 8.23<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $44.39<br>| 0.09<br>| 5.74<br>| 5.83<br>|
| Year Ended 12/31/2024 | $36.06<br>| 0.11<br>| 8.22<br>| 8.33<br>|
| Year Ended 12/31/2023 | $28.98<br>| 0.18<br>| 6.90<br>| 7.08<br>|
| Year Ended 12/31/2022 | $35.15<br>| 0.14<br>| &nbsp;&nbsp; (6.31) <br>| &nbsp;&nbsp; (6.17) <br>|
| Year Ended 12/31/2021 | $27.21<br>| 0.08<br>| 7.86<br>| 7.94<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | $45.15<br>| 0.15<br>| 5.84<br>| 5.99<br>|
| Year Ended 12/31/2024 | $36.63<br>| 0.17<br>| 8.35<br>| 8.52<br>|
| Year Ended 12/31/2023 | $29.41<br>| 0.22<br>| 7.00<br>| 7.22<br>|
| Year Ended 12/31/2022 | $35.62<br>| 0.18<br>| &nbsp;&nbsp; (6.39) <br>| &nbsp;&nbsp; (6.21) <br>|
| Year Ended 12/31/2021 | $27.54<br>| 0.12<br>| 7.96<br>| 8.08<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $52.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.42%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2143207<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $45.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.44%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2244714<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $37.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.71%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2760520<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $29.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.35%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2550753<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $36.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.49%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3254887<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $50.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.14%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16382<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $44.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.10%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14847<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $36.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.43%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12749<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $28.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.55%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11042<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $35.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.18%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13396<br>|
| **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** | **Class 3** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $51.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.26%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27823<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $45.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.26%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28682<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $36.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.55%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27418<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $29.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.43%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25516<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $35.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.34%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34599<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Variable Portfolio – Partners Core Equity Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

**Futures contracts**

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

**Effects of derivative transactions in the financial statements**

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

At December 31, 2025, the Fund had no outstanding derivatives.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 324578 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 1245162 |

---

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.69% of the Fund's average daily net assets.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Subadvisory agreements** 

The Investment Manager has entered into Subadvisory Agreements with J.P. Morgan Investment Management Inc. and T. Rowe Price Associates, Inc., each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund's average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**May 1, 2025** <br>**through** <br>**April 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**prior to** <br>**May 1, 2025 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Class 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.805 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,164,907,268 and $1,544,370,182, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Brokerage commissions paid to brokers affiliated with the Investment Manager of the Fund were $2,743 for the year ended December 31, 2025.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund's activity in the Interfund Program during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | 616667 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Variable Portfolio – Partners Core Equity Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Variable Portfolio – Partners Core Equity Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Variable Portfolio – Partners Core Equity Fund \| 2025

------

**Variable Portfolio – Partners Core Equity Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgc5367f422.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7053_12_E01_(02/26)

------

![](g245812img71e1c8791.jpg)

Columbia Variable Portfolio – Select Large Cap Equity Fund

**Annual Financial Statements and Additional Information**

December 31, 2025

Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_79738766-26f0-43e2-839f-dcfb28baa39c_POI-CommonContent-Date-785_1) | 3 |
| [Statement of Assets and Liabilities](#xx_79738766-26f0-43e2-839f-dcfb28baa39c_FS-CommonContent-Date-785_1) | 7 |
| [Statement of Operations](#xx_79738766-26f0-43e2-839f-dcfb28baa39c_FS-CommonContent-Date-785_2) | 8 |
| [Statement of Changes in Net Assets](#xx_79738766-26f0-43e2-839f-dcfb28baa39c_FS-CommonContent-Date-785_3) | 9 |
| [Financial Highlights](#xx_79738766-26f0-43e2-839f-dcfb28baa39c_FIHI-CommonContent-Date-785_1) | 10 |
| [Notes to Financial Statements](#xx_79738766-26f0-43e2-839f-dcfb28baa39c_NTF-CommonContent-Date-785_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_79738766-26f0-43e2-839f-dcfb28baa39c_AUD-CommonContent-Date-785_1) | 21 |

---

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.8%** | **Common Stocks 99.8%** | **Common Stocks 99.8%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 11.8%** | **Communication Services 11.8%** | **Communication Services 11.8%** |
| **Diversified Telecommunication Services 1.4%** | **Diversified Telecommunication Services 1.4%** | **Diversified Telecommunication Services 1.4%** |
| AT&T, Inc. | &nbsp;&nbsp; 1870028 | &nbsp;&nbsp; 46451496 |
| **Interactive Media & Services 10.4%** | **Interactive Media & Services 10.4%** | **Interactive Media & Services 10.4%** |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 722667 | &nbsp;&nbsp; 226772904 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 168521 | &nbsp;&nbsp; 111239027 |
| Total |  | &nbsp;&nbsp; 338011931 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **384463427** |
| **Consumer Discretionary 12.7%** | **Consumer Discretionary 12.7%** | **Consumer Discretionary 12.7%** |
| **Automobiles 2.4%** | **Automobiles 2.4%** | **Automobiles 2.4%** |
| General Motors Co. | &nbsp;&nbsp; 662131 | &nbsp;&nbsp; 53844493 |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 55038 | &nbsp;&nbsp; 24751689 |
| Total |  | &nbsp;&nbsp; 78596182 |
| **Broadline Retail 5.2%** | **Broadline Retail 5.2%** | **Broadline Retail 5.2%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 726448 | &nbsp;&nbsp; 167678728 |
| **Hotels, Restaurants & Leisure 2.2%** | **Hotels, Restaurants & Leisure 2.2%** | **Hotels, Restaurants & Leisure 2.2%** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 133567 | &nbsp;&nbsp; 38367121 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 123998 | &nbsp;&nbsp; 34585522 |
| Total |  | &nbsp;&nbsp; 72952643 |
| **Specialty Retail 1.7%** | **Specialty Retail 1.7%** | **Specialty Retail 1.7%** |
| TJX Companies, Inc. (The) | &nbsp;&nbsp; 362215 | &nbsp;&nbsp; 55639846 |
| **Textiles, Apparel & Luxury Goods 1.2%** | **Textiles, Apparel & Luxury Goods 1.2%** | **Textiles, Apparel & Luxury Goods 1.2%** |
| NIKE, Inc., Class B | &nbsp;&nbsp; 600417 | &nbsp;&nbsp; 38252567 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **413119966** |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| **Beverages 0.9%** | **Beverages 0.9%** | **Beverages 0.9%** |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 202650 | &nbsp;&nbsp; 27957594 |
| **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** |
| Walmart, Inc. | &nbsp;&nbsp; 522925 | &nbsp;&nbsp; 58259074 |
| **Household Products 1.5%** | **Household Products 1.5%** | **Household Products 1.5%** |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 353143 | &nbsp;&nbsp; 50608923 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **136825591** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Energy 1.5%** | **Energy 1.5%** | **Energy 1.5%** |
| **Oil, Gas & Consumable Fuels 1.5%** | **Oil, Gas & Consumable Fuels 1.5%** | **Oil, Gas & Consumable Fuels 1.5%** |
| Exxon Mobil Corp. | &nbsp;&nbsp; 407818 | &nbsp;&nbsp; 49076818 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **49076818** |
| **Financials 15.5%** | **Financials 15.5%** | **Financials 15.5%** |
| **Banks 7.5%** | **Banks 7.5%** | **Banks 7.5%** |
| Bank of America Corp. | &nbsp;&nbsp; 1315070 | &nbsp;&nbsp; 72328850 |
| Citigroup, Inc. | &nbsp;&nbsp; 616300 | &nbsp;&nbsp; 71916047 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 313358 | &nbsp;&nbsp; 100970215 |
| Total |  | &nbsp;&nbsp; 245215112 |
| **Capital Markets 3.9%** | **Capital Markets 3.9%** | **Capital Markets 3.9%** |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 530297 | &nbsp;&nbsp; 52981973 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 82140 | &nbsp;&nbsp; 72201060 |
| Total |  | &nbsp;&nbsp; 125183033 |
| **Financial Services 2.3%** | **Financial Services 2.3%** | **Financial Services 2.3%** |
| MasterCard, Inc., Class A | &nbsp;&nbsp; 131034 | &nbsp;&nbsp; 74804690 |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp; 425163 | &nbsp;&nbsp; 58587461 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **503790296** |
| **Health Care 8.2%** | **Health Care 8.2%** | **Health Care 8.2%** |
| **Biotechnology 2.6%** | **Biotechnology 2.6%** | **Biotechnology 2.6%** |
| Exact Sciences Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 351112 | &nbsp;&nbsp; 35658935 |
| Insmed, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 107503 | &nbsp;&nbsp; 18709822 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 68830 | &nbsp;&nbsp; 31204769 |
| Total |  | &nbsp;&nbsp; 85573526 |
| **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** |
| Boston Scientific Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 352171 | &nbsp;&nbsp; 33579505 |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 56204 | &nbsp;&nbsp; 31831697 |
| Total |  | &nbsp;&nbsp; 65411202 |
| **Health Care Providers & Services 1.2%** | **Health Care Providers & Services 1.2%** | **Health Care Providers & Services 1.2%** |
| Cencora, Inc. | &nbsp;&nbsp; 113611 | &nbsp;&nbsp; 38372115 |
| **Pharmaceuticals 2.4%** | **Pharmaceuticals 2.4%** | **Pharmaceuticals 2.4%** |
| Eli Lilly & Co. | &nbsp;&nbsp; 71509 | &nbsp;&nbsp; 76849292 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **266206135** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Industrials 7.7%** | **Industrials 7.7%** | **Industrials 7.7%** |
| **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** | **Aerospace & Defense 1.6%** |
| General Dynamics Corp. | &nbsp;&nbsp; 150917 | &nbsp;&nbsp; 50807717 |
| **Commercial Services & Supplies 2.2%** | **Commercial Services & Supplies 2.2%** | **Commercial Services & Supplies 2.2%** |
| Cintas Corp. | &nbsp;&nbsp; 197225 | &nbsp;&nbsp; 37092106 |
| Republic Services, Inc. | &nbsp;&nbsp; 156493 | &nbsp;&nbsp; 33165561 |
| Total |  | &nbsp;&nbsp; 70257667 |
| **Electrical Equipment 2.1%** | **Electrical Equipment 2.1%** | **Electrical Equipment 2.1%** |
| Eaton Corp. PLC | &nbsp;&nbsp; 103821 | &nbsp;&nbsp; 33068027 |
| nVent Electric PLC | &nbsp;&nbsp; 359220 | &nbsp;&nbsp; 36629663 |
| Total |  | &nbsp;&nbsp; 69697690 |
| **Machinery 1.8%** | **Machinery 1.8%** | **Machinery 1.8%** |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 66266 | &nbsp;&nbsp; 58245164 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **249008238** |
| **Information Technology 33.1%** | **Information Technology 33.1%** | **Information Technology 33.1%** |
| **Electronic Equipment, Instruments & Components 1.6%** | **Electronic Equipment, Instruments & Components 1.6%** | **Electronic Equipment, Instruments & Components 1.6%** |
| TE Connectivity PLC | &nbsp;&nbsp; 236066 | &nbsp;&nbsp; 53707376 |
| **Semiconductors & Semiconductor Equipment 12.7%** | **Semiconductors & Semiconductor Equipment 12.7%** | **Semiconductors & Semiconductor Equipment 12.7%** |
| Broadcom, Inc. | &nbsp;&nbsp; 286037 | &nbsp;&nbsp; 98997406 |
| Lam Research Corp. | &nbsp;&nbsp; 148898 | &nbsp;&nbsp; 25488359 |
| NVIDIA Corp. | &nbsp;&nbsp; 1541850 | &nbsp;&nbsp; 287555025 |
| Total |  | &nbsp;&nbsp; 412040790 |
| **Software 12.9%** | **Software 12.9%** | **Software 12.9%** |
| Datadog, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 216434 | &nbsp;&nbsp; 29432860 |
| Microsoft Corp. | &nbsp;&nbsp; 529329 | &nbsp;&nbsp; 255994091 |
| Oracle Corp. | &nbsp;&nbsp; 128151 | &nbsp;&nbsp; 24977911 |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 214681 | &nbsp;&nbsp; 39544240 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 264975 | &nbsp;&nbsp; 40591520 |
| Synopsys, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 58159 | &nbsp;&nbsp; 27318446 |
| Total |  | &nbsp;&nbsp; 417859068 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Technology Hardware, Storage & Peripherals 5.9%** | **Technology Hardware, Storage & Peripherals 5.9%** | **Technology Hardware, Storage & Peripherals 5.9%** |
| Apple, Inc. | &nbsp;&nbsp; 699866 | &nbsp;&nbsp; 190265571 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1073872805** |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| **Specialized REITs 1.0%** | **Specialized REITs 1.0%** | **Specialized REITs 1.0%** |
| Equinix, Inc. | &nbsp;&nbsp; 42880 | &nbsp;&nbsp; 32852941 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **32852941** |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| **Electric Utilities 1.4%** | **Electric Utilities 1.4%** | **Electric Utilities 1.4%** |
| Entergy Corp. | &nbsp;&nbsp; 484534 | &nbsp;&nbsp; 44785478 |
| **Multi-Utilities 2.7%** | **Multi-Utilities 2.7%** | **Multi-Utilities 2.7%** |
| Ameren Corp. | &nbsp;&nbsp; 445621 | &nbsp;&nbsp; 44499713 |
| DTE Energy Co. | &nbsp;&nbsp; 346139 | &nbsp;&nbsp; 44645008 |
| Total |  | &nbsp;&nbsp; 89144721 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **133930199** |
| Total Common Stocks <br>(Cost $1,694,423,565) | Total Common Stocks <br>(Cost $1,694,423,565) | &nbsp;&nbsp; **3243146416** |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 10442767 | &nbsp;&nbsp; 10439635 |
| Total Money Market Funds <br>(Cost $10,438,966) | Total Money Market Funds <br>(Cost $10,438,966) | &nbsp;&nbsp; **10439635** |
| **Total Investments in Securities** <br>**(Cost: $1,704,862,531)** | **Total Investments in Securities** <br>**(Cost: $1,704,862,531)** | &nbsp;&nbsp; **3253586051** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(2479498)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **3251106553** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 27938626 | &nbsp;&nbsp; 451095005 | &nbsp;&nbsp; (468592795)<br>| &nbsp;&nbsp; (1201)<br>| &nbsp;&nbsp; 10439635 | &nbsp;&nbsp; (2520)<br>| &nbsp;&nbsp; 927092 | &nbsp;&nbsp; 10442767 |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 384463427 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 384463427 |
| Consumer Discretionary | 413119966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 413119966 |
| Consumer Staples | 136825591 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 136825591 |
| Energy | 49076818 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49076818 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Financials | 503790296 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 503790296 |
| Health Care | 266206135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 266206135 |
| Industrials | 249008238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249008238 |
| Information Technology | 1073872805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1073872805 |
| Real Estate | 32852941 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32852941 |
| Utilities | 133930199 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133930199 |
| Total Common Stocks | 3243146416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3243146416 |
| Money Market Funds | 10439635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10439635 |
| Total Investments in Securities | 3253586051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3253586051 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,694,423,565) | $3243146416 |
| Affiliated issuers (cost $10,438,966) | 10439635 |
| Cash | 9867 |
| Receivable for: |  |
| Dividends | 1173350 |
| Prepaid expenses | 10156 |
| Total assets | 3254779424 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 3437601 |
| Management services fees | 59644 |
| Distribution and/or service fees | 53 |
| Service fees | 367 |
| Compensation of chief compliance officer | 533 |
| Compensation of board members | 1873 |
| Other expenses | 36495 |
| Deferred compensation of board members | 136305 |
| Total liabilities | 3672871 |
| **Net assets applicable to outstanding capital stock** | **$3251106553** |
| **Represented by** |  |
| Trust capital | $3251106553 |
| **Total - representing net assets applicable to outstanding capital stock** | **$3251106553** |
| **Class 1** |  |
| Net assets | $3243411101 |
| Shares outstanding | 120615210 |
| Net asset value per share | $26.89 |
| **Class 2** |  |
| Net assets | $7695452 |
| Shares outstanding | 291918 |
| Net asset value per share | $26.36 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $36557430 |
| Dividends — affiliated issuers | 927092 |
| Total income | 37484522 |
| Expenses: |  |
| Management services fees | 21635513 |
| Distribution and/or service fees |  |
| Class 2 | 16246 |
| Service fees | 3896 |
| Custodian fees | 18213 |
| Printing and postage fees | 11572 |
| Accounting services fees | 32423 |
| Legal fees | 71304 |
| Compensation of chief compliance officer | 538 |
| Compensation of board members | 45592 |
| Deferred compensation of board members | 25373 |
| Other | 50796 |
| Total expenses | 21911466 |
| **Net investment income** | 15573056 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 178336450 |
| Investments — affiliated issuers | (2520)<br>|
| Net realized gain | 178333930 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 246901798 |
| Investments — affiliated issuers | (1201)<br>|
| Net change in unrealized appreciation (depreciation) | 246900597 |
| Net realized and unrealized gain | 425234527 |
| **Net increase in net assets resulting from operations** | **$440807583** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $15573056 | &nbsp;&nbsp; $17299803 |
| Net realized gain | 178333930 | &nbsp;&nbsp; 251919280 |
| Net change in unrealized appreciation (depreciation) | 246900597 | &nbsp;&nbsp; 438978243 |
| Net increase in net assets resulting from operations | 440807583 | &nbsp;&nbsp; 708197326 |
| Decrease in net assets from capital stock activity | (565250217)<br>| &nbsp;&nbsp; (487053499)<br>|
| Total increase (decrease) in net assets | (124442634)<br>| &nbsp;&nbsp; 221143827 |
| Net assets at beginning of year | 3375549187 | &nbsp;&nbsp; 3154405360 |
| **Net assets at end of year** | **$3251106553** | &nbsp;&nbsp; **$3375549187** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class 1 |  |  |  |  |
| Shares sold | 360028 | &nbsp;&nbsp;&nbsp;&nbsp; 7984968 | &nbsp;&nbsp;&nbsp;&nbsp; 4929638 | &nbsp;&nbsp;&nbsp;&nbsp; 118254561 |
| Shares redeemed | (22954474)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (574556975)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27903922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (606859121)<br>|
| Net decrease | (22594446)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (566572007)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22974284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (488604560)<br>|
| Class 2 |  |  |  |  |
| Shares sold | 72444 | &nbsp;&nbsp;&nbsp;&nbsp; 1685107 | &nbsp;&nbsp;&nbsp;&nbsp; 84186 | &nbsp;&nbsp;&nbsp;&nbsp; 1777675 |
| Shares redeemed | (15719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (363317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (226614)<br>|
| Net increase | 56725 | &nbsp;&nbsp;&nbsp;&nbsp; 1321790 | &nbsp;&nbsp;&nbsp;&nbsp; 73636 | &nbsp;&nbsp;&nbsp;&nbsp; 1551061 |
| **Total net decrease** | **(22537721)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(565250217)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(22900648)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(487053499)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | $23.53<br>| 0.12<br>| 3.24<br>| 3.36<br>|
| Year Ended 12/31/2024 | $18.96<br>| 0.11<br>| 4.46<br>| 4.57<br>|
| Year Ended 12/31/2023 | $14.81<br>| 0.15<br>| 4.00<br>| 4.15<br>|
| Year Ended 12/31/2022 | $18.41<br>| 0.14<br>| &nbsp;&nbsp; (3.74) <br>| &nbsp;&nbsp; (3.60) <br>|
| Year Ended 12/31/2021 | $14.23<br>| 0.12<br>| 4.06<br>| 4.18<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | $23.13<br>| 0.05<br>| 3.18<br>| 3.23<br>|
| Year Ended 12/31/2024 | $18.68<br>| 0.06<br>| 4.39<br>| 4.45<br>|
| Year Ended 12/31/2023 | $14.62<br>| 0.10<br>| 3.96<br>| 4.06<br>|
| Year Ended 12/31/2022 | $18.23<br>| 0.14<br>| &nbsp;&nbsp; (3.75) <br>| &nbsp;&nbsp; (3.61) <br>|
| Year Ended 12/31/2021 | $14.12<br>| 0.07<br>| 4.04<br>| 4.11<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $26.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3243411<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $23.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3370110<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $18.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3151387<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.56%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2958820<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $18.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3960214<br>|
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| Year Ended 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $26.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7695<br>|
| Year Ended 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $23.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5439<br>|
| Year Ended 12/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $18.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3018<br>|
| Year Ended 12/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19.80%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $505<br>|
| Year Ended 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $18.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Columbia Variable Portfolio – Select Large Cap Equity Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

**Options contracts**

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

**Effects of derivative transactions in the financial statements**

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

At December 31, 2025, the Fund had no outstanding derivatives.

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts written | (23692)<br>|

---

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund's income and loss. The Fund's net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.77% to 0.57% as the Fund's net assets increase. The effective management services fee rate for the year ended December 31, 2025 was 0.66% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Service fees**

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The effective service fee rate for the year ended December 31, 2025 was 0.00% of the Fund's average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due to the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

**Distribution and/or service fees**

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class 2 shares. The Fund pays no distribution and service fees for Class 1 shares.

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**April 30, 2026 (%)**<br>|
| Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,443,216,116 and $1,974,523,838, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended December 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended December 31, 2025.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

Note 8. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At December 31, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Variable Series Trust II and Shareholders of Columbia Variable Portfolio – Select Large Cap Equity Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Variable Portfolio – Select Large Cap Equity Fund (one of the funds constituting Columbia Funds Variable Series Trust II, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Variable Portfolio – Select Large Cap Equity Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Columbia Variable Portfolio – Select Large Cap Equity Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g245812imgda01de512.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For Fund and other investment product prospectuses, which contain this and other important information, contact your financial advisor or insurance representative. Please read the prospectus carefully before you invest.** The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210© 2026 Columbia Management Investment Advisers, LLC.

ANN7071_12_E01_(02/26)

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are effective and adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.
(a)(1) [Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](d245812dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](d245812dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](d245812dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Columbia Funds Variable Series Trust II** | **Columbia Funds Variable Series Trust II** |
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | February 23, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | February 23, 2026 |
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | February 23, 2026 |

---

## Ex-99.Code

**Exhibit 99.CODE ETH.** 

**COLUMBIA FUNDS** 

---

| | |
|:---|:---|
| **Applicable Regulatory Authority** | Section 406 of the Sarbanes-Oxley Act of 2002; Item 2 of Form N-CSR |
| **Related Policies** | Overview and Implementation of Compliance Program Policy |
| **Requires Annual Board Approval** | No but Covered Officers Must provide annual certification |
| **Last Reviewed by AMC** | September 2025 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether it has adopted a code of ethics that applies to the investment company's principal executive
officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of the Columbia Funds ("Columbia Board") has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the *Overview and Implementation of Compliance Program Policy*.

**<u>Policy</u>**

The Board has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

**I.** **Covered Officers/Purpose of the Code** 

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or
submits to, the SEC, and in other public communications made by the Fund;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

**II.** **Administration of the Code** 

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

**III.** **Managing Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC ("CMIA") for the Columbia Funds, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use material non-public knowledge of portfolio transactions made
or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may
give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service as a director on the board of a public or private company or service as a public official;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of a non-de minimus gift when the gift is in relation to
doing business directly or indirectly with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of entertainment from any company with which the Fund has current or prospective business dealings,
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Primary Service Providers or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**IV.** **Disclosure and Compliance** 

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as
the business and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others,
whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent appropriate within his or her area of responsibility, consult with other officers and employees of
the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the
Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To adhere to and, within his or her area of responsibility, promote compliance with the standards and
restrictions imposed by applicable laws, rules and regulations.

**V.** **Reporting and Accountability by Covered Officers** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he
or she has received, read and understands the Code, using the form attached as Appendix A hereto;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the
Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good
faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be
expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to
him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so
notify the person(s) reporting the potential violation, and no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the
Code Officer or the CLO to the Fund's Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC
rules.

**VI.** **Other Policies** 

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

**VII.** **Disclosure of Amendments to the Code** 

Any amendments will, to the extent required, be disclosed in accordance with law.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Reporting Requirements** 

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

**Monitoring/Oversight/Escalation** 

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

**Recordkeeping** 

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential*

## Ex-99.Cert

**EX-99.CERT SECTION 302 CERTIFICATION** 

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | February 23, 2026 |

---

------

I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Variable Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | February 23, 2026 |

---

## Exhibit 99.906

**EX-99.906 CERT SECTION 906 CERTIFICATION** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Certified Shareholder Report of Columbia Funds Variable Series Trust II (the "Trust") on Form N-CSR for the period ending December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | February 23, 2026 |
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | February 23, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.